Mærsk Mc-Kinney Møller

Arnold Mærsk Mc-Kinney Møller
Arnold Mærsk Mc-Kinney Møller
Born	Template:Birth date; Hellerup, Denmark
Died	April 16, 2012 (aged 98)
Occupation(s)	Shipping entrepreneur, business executive
Known for	Long-serving executive at A.P. Moller–Maersk Group

Arnold Mærsk Mc-Kinney Møller (; 13 July 1913 – 16 April 2012) was a prominent Danish shipping entrepreneur and a long-serving executive at A.P. Moller–Maersk Group, the enterprise established by his father.

Personal life

Mærsk was born in Hellerup to Arnold Peter Møller, the founder of A.P. Moller–Maersk, and his American wife Chastine Estelle Roberta (née McKinney). In 1940, he married Emma Neergaard Rasmussen, and together they had three daughters: Leise (born 1941), Kirsten Olufsen (born 1944), and Ane Uggla (born 1948). In 2007, Forbes ranked him as Denmark’s richest individual and placed him 557th worldwide, estimating his net worth at 142 billion Danish kroner.

Business activities

Møller joined the A.P. Moller–Maersk Group as a partner in 1940. Throughout the German occupation of Denmark during World War II, he oversaw the family business operations from New York before returning to Denmark in 1947. He assumed the roles of CEO and chairman in 1965 and was notable for being the first non-American to serve on IBM’s board between 1970 and 1984.

In 1993, Møller relinquished his CEO position to Jess Søderberg but continued as chairman until he retired in 2003 at age 90. Up until his passing, he maintained a significant equity stake, ranking among Denmark’s wealthiest individuals. A substantial portion of his wealth was held within foundations that controlled A.P. Moller–Maersk, where he retained a controlling interest.

North Sea oil

In 1962, A.P. Møller–Maersk A/S obtained exclusive rights for exploration and production of Denmark’s oil and natural gas resources through a 40-year concession, which was extended in 2003. The terms include a fixed state royalty of 69%, lower than Norway’s rate of 80%, enabling Maersk to benefit considerably during periods of elevated oil prices. For instance, when oil prices surged from $22 to $96 per barrel between 2003 and 2007, projected earnings increased from 87 billion to 346 billion kroner over the duration of the concession. Despite these substantial gains, the government chose not to adjust the royalty rate.

Oil and gas activities are conducted via Mærsks Olie og Gas A/S and the Dansk Undergrunds Consortium (DUC), with ownership shares divided among A.P. Møller–Maersk (39%), Royal Dutch Shell (46%), and Chevron Denmark Inc. (15%).

The company has been an influential political contributor, predominantly backing the Conservative People's Party and Venstre, which led Denmark from 2001 to 2011, while also providing support to other parties including the Danish Social Liberal Party and Danish People's Party.

Succession

Following his death, his youngest daughter Ane Mærsk Mc-Kinney Uggla assumed leadership of the foundation controlling Maersk and declared intentions to preserve the company as a diversified conglomerate comprising loosely connected businesses.

Philanthropy

The Copenhagen Opera House, one of the most costly opera houses ever constructed at an expense of 2.3 billion kroner, was a gift from The A.P. Møller and Chastine Mc-Kinney Møller Foundation. Situated opposite the royal residence, Amalienborg Palace, and close to Maersk’s headquarters, Møller also contributed Amaliehaven, a park established in the 1980s located between the Palace and the harbour.

Death

Møller passed away on 16 April 2012 at the age of 98, just four days following his final public engagement. He left behind three daughters.

Distinctions and accolades

On 15 December 2000, Møller was appointed a knight of the Danish Order of the Elephant, distinguished as the sole individual outside royalty or heads of state to hold this honor during his lifetime, which conferred upon him the style His Excellency. In recognition of his impact on the maritime industry, he was granted Life Honorary Membership by the Baltic Exchange; AP Møller-Maersk has maintained a relationship with Baltic Exchange brokers since the early 1900s and has been an official member since 1951.

The Maersk 2013, a Triple E-class container ship with a deadweight of 165,000 metric tons, bears the name Mærsk Mc-Kinney Møller as a tribute to his enduring influence.

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