D/S Norden
Jan Rindbo appointed CEO of Dampskibsselskabet NORDEN A/S

DGAP-News: D/S Norden

30.10.2014 / 09:33

---------------------------------------------------------------------

Attached please find below text as PDF file.

________________________________________________________________________________

                                                             Announcement no. 36

                                                                 30 October 2014

Jan Rindbo appointed CEO of Dampskibsselskabet NORDEN A/S

Following a thorough and extensive recruitment process, the Board of Directors
has appointed Jan Rindbo new CEO of Dampskibsselskabet NORDEN A/S. Jan Rindbo
comes from a position as Chief Operating Officer at Pacific Basin, Hong Kong. 

Chairman Mogens Hugo in comment:

'The Board of Directors has gone through a very thorough recruitment process
with many highly qualified candidates. We have chosen Jan Rindbo, who has great
knowledge of shipping, dry cargo in particular, and who possesses the required
personal qualities to take over the position as CEO of a financially strong and
value-based company like NORDEN. Together with the rest of the Executive
Management, Jan Rindbo will ensure that NORDEN will also in the future develop
to the benefit of shareholders and customers.' 

40-year-old Jan Rindbo has more than 20 years of international shipping
experience from Denmark, North America and Asia. Since 2001, he has been
working for the Hong Kong listed dry cargo shipping company Pacific Basin, most
recently as Chief Operating Officer, member of the executive board and the
board of directors. During this period, the company has developed into one of
the world's largest dry cargo shipping companies and has delivered superior
results. 

Jan Rindbo says:

'NORDEN is one of the world's leading dry cargo and product tanker companies
with a long history, solid financial position and a modern fleet. It is a
strong shipping company in every way, and I am looking forward to becoming a
part of NORDEN and creating more good results and expanding our strong position
as a customer-focused shipping company together with the competent and
dedicated employees.' 

Jan Rindbo takes up the position as CEO in early summer 2015.

The Executive Management will then consist of CEO Jan Rindbo, CFO Michael
Tønnes Jørgensen, Executive Vice President and head of the Dry Cargo Department
Ejner Kiel Bonderup, Executive Vice President and head of the Tanker Department
Lars Bagge Christensen and Executive Vice President and head of Corporate
Secretariat Martin Badsted. 

Jan Rindbo will be included in the Company's share option programme for leading
employees and will receive 50,000 options in 2015. The exercise period begins
three years and ends six years after the time of granting. The exercise price
is determined as the 5-day average of the market price following the grant plus
a 10% margin. The estimated theoretical Black-Scholes value of each option is
DKK 21.14 based on the market price of the Company's shares as of today. The
value is estimated as the exercise price will be determined at a later stage.
In determining the share price, it is assumed that all options are exercised
after 3.25 years, a volatility of 27.3%, an annual dividend of DKK 0 and a
risk-free interest rate of 0.12%. Jan Rindbo is furthermore offered a stay-on
bonus in each of the years 2015-17 in the form of NORDEN shares with an annual
value of DKK 1,000,000. The grants and the conditions connected hereto will be
described in the Company's annual report. 



                                  Kind regards,

                          Dampskibsselskabet NORDEN A/S

                                  Mogens Hugo

                                    Chairman



Further information:

Mogens Hugo, Chairman of the Board of Directors, tel: +45 3315 0451.

Nicolai Bro Jöhncke, Head of Corporate Communications, tel: +45 3315 0451.

________________________________________________________________________________

    DAMPSKIBSSELSKABET NORDEN A/S, 52, STRANDVEJEN, DK-2900 HELLERUP, CVR NO.
                                    67758919
News Source: NASDAQ OMX



---------------------------------------------------------------------

30.10.2014 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de

---------------------------------------------------------------------


Language:    English       
Company:     D/S Norden    
 
 
             Denmark       
ISIN:        DK0060083210  
 
 
End of News    DGAP News-Service  
---------------------------------------------------------------------  
294082 30.10.2014