Bunker Holding has appointed Jacob Nørgaard, former CFO of sister company Global Risk Management, as its new Group CFO, succeeding Michael Krabbe. The appointment supports CEO Peder Møller’s strategic vision to streamline the global finance organization, enhance cross-business collaboration, and leverage advanced risk management expertise. This internal promotion reinforces the company’s commitment to leadership development as it navigates a rapidly evolving marine fuel and shipping landscape.
Middelfart Denmark | August 20, 2026 – Bunker Holding, the world’s largest supplier of marine fuels to the shipping industry, has announced the appointment of Jacob Nørgaard as its new Chief Financial Officer. Nørgaard succeeds Michael Krabbe, who is stepping down by mutual agreement after an impactful eight-year tenure with the organization.
The leadership transition comes at a pivotal time for the global bunkering sector, which is navigating profound structural shifts driven by complex new marine fuel types, volatile trading dynamics, and heightened market competition.
A Strategic Pivot Toward Integrated Financial Leadership
Since Peder Møller assumed the role of CEO in October 2025, Bunker Holding has aggressively pursued a strategic transformation emphasizing sustainable growth, global organizational simplification, and tighter cross-business collaboration to elevate customer-centricity.
In his new capacity, Nørgaard will play a crucial role in executing this ambitious vision. The company’s well-established finance organization will undergo a structural realignment, bringing regional and divisional teams closer together to maximize the Group’s collective financial competencies. The primary objective is to cultivate a unified, highly agile global finance function capable of accelerating decision-making and deploying expert resources wherever commercial opportunities arise worldwide.
Furthermore, Nørgaard is tasked with unlocking the full commercial value of Bunker Holding’s sophisticated insight into risk management and performance optimization, leveraging his extensive background in commodity finance.
Internal Promotion Grounded in Proven Expertise
Nørgaard steps into the role with deep familiarity with the organization, transitioning from his position as CFO of sister company Global Risk Management (GRM). During his tenure at GRM, he built advanced institutional capabilities in commodity risk management, comprehensive risk reporting, and the seamless operational integration of business units and financial controllers.
His leadership style is characterized by a holistic view of the corporate finance function, profound commercial acumen, and a proven track record of managing high-performing teams.
Peder Møller, CEO of Bunker Holding, said “Jacob is not only an excellent CFO, but he also knows our business, our market, and the risks we work with every single day. He also has a very hands-on approach, which fits well with the direction we want for Bunker Holding’s finance function. We also know each other well from a very strong working partnership at GRM, where, for four years, we made up two-thirds of the executive management team.”
Acknowledging Outgoing Leadership
Nørgaard succeeds Michael Krabbe, whose departure by mutual agreement marks the close of an eight-year chapter during which he instrumentalized a more strategic, commercial orientation for Bunker Holding’s financial architecture.
Nina Østergaard, Chairman of the Board and co-owner of Bunker Holding, expressed profound gratitude to the outgoing executive while endorsing the selection of an internal successor “Michael has been part of an important period in Bunker Holding’s development and has made a strong contribution to building and strengthening the financial platform the company has today. For that, he deserves a sincere and heartfelt thank you. At the same time, I am very pleased that we welcome Jacob as CFO. He already knows our business and our culture, and we know the qualities he brings to the role. That is a strong starting point. I also think it speaks to the strength of our Group that we continue to develop talented people and appoint leaders from within our own organisation.”
About Bunker Holding
Headquartered in Denmark, Bunker Holding is the global market leader in marine fuel procurement, trading, and risk management solutions. With more than 1,400 employees operating out of 56 offices in 33 countries, the Group facilitates bunkering operations in over 1,600 international ports.
Balancing historical market dominance with future-focused agility, the Group is currently pivoting to address the maritime industry’s evolving regulatory landscape. Through targeted investments and green fuel infrastructure projects, Bunker Holding is actively expanding its capacity to accelerate commercial shipping’s decarbonization pathway.
Source: Bunker Holding