Billionaire Heir Takes Control of Top Job at Denmark’s Grundfos

(Bloomberg) -- Poul Due Jensen will take over as chief executive officer of Grundfos A/S as the billionaire family behind the Danish industrial giant reclaims the top job after a 17-year hiatus.

Due Jensen takes control of the world’s largest maker of circulator pumps just as it moves forward with a restructuring plan. Grundfos, which employs about 19,000 people, said last month it will cut 600 jobs to free up resources for investments in innovation and digital capabilities.

An executive vice president in charge of sales, Due Jensen will immediately take over as CEO, the Bjerringbro, Denmark-based company said on Tuesday. He’s replacing Mads Nipper, Grundfos’ CEO since 2014, who said earlier this year he would leave to take the top job at Orsted A/S.

Read more: Denmark’s Orsted Picks New CEO From Danish Industrial Giant

The Due Jensen family fund has assets of about 31 billion kroner ($5 billion), according to its 2019 accounts. Due Jensen has held various jobs at Grundfos in preparation for taking the CEO position, last held by his father, Niels Due Jensen, in 2003.

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