Carlsberg CFO to depart for private equity-backed firm

Dive Brief:

Heine Dalsgaard will step down from the CFO role at beer brand and brewer Carlsberg Group after six years in the position, the company announced Wednesday. Dalsgaard is resigning to take another CFO post at an undisclosed private equity-backed company in another industry, according to the firm.
Carlsberg stated Dalsgaard will remain as CFO until at least December 31 and that the company would initiate the succession process “in due course.”
His departure could delay strategic operations for the brewer, with analysts expecting Carlsberg CEO Cees ‘t Hart to step down before the firm moved into its next strategic phase — something the hunt for a new CFO could hamper, according to a Wednesday Reuters report.

Dive Insight:

Before joining Carlsberg as the finance chief in 2016, Dalsgaard held several other CFO positions in various industries. He previously served as Group CFO for Copenhagen, Denmark-based workforce and facility management firm ISS A/S and as CFO for Danish automotive pump manufacturer GRUNDFOS, according to his LinkedIn.

His move from the company could delay the expected departure of Carlsberg CEO Cees ‘t Hart, Richard Withagen, an analyst for Kepler, wrote in a research note, according to a Wednesday report by Reuters. He has served as CEO and president since June 2015, according to his LinkedIn.

Dalsgaard also played a key role in implementing a cost-saving program to help stem the brand’s losses from Russia in the wake of the war with Ukraine, according to Reuters.

Carlsberg first entered the Russian market in 2008 under the brand Baltika Breweries and joined competitors such as Anheuser-Busch InBev and Heineken in seeking to withdraw from the Russian market upon the start of the Ukrainian conflict.

The company announced it would be conducting a strategic review of its brand presence within Russia on March 9, condemning Russia’s invasion of Ukraine and noting its decision to seek a full disposal of its businesses within the country. Revenues from its business in Russia will no longer be counted within the firm’s revenue and operating profit, with Carlsberg to treat its Russian business as an asset held for sale, according to its March 9 release.

Carlsberg did not respond to requests for comment.