Jacob Nørgaard is appointed CFO of Bunker Holding, the world’s largest supplier of marine fuels to the shipping industry. He succeeds Michael Krabbe, who is stepping down by mutual agreement.

The bunkering industry is undergoing fundamental change, driven by new product types, shifting trading dynamics, and intensified competition. Since Peder Møller took over as CEO in October 2025, Bunker Holding has made a strategic shift with a clear focus on growth, simplifying its global structure, and strengthening collaboration across the business to sharpen its customer focus.

In his new role, Jacob Nørgaard will support the execution of Bunker Holding’s ambitious strategy. The well-established finance organisation will be brought even closer together to strengthen collaboration across the Group and leverage the full range of Bunker Holding’s finance competences. The aim is to create a more integrated global finance function that can better support the business, enable faster decision-making, and bring the right competences into play wherever they are needed.

At the same time, Jacob Nørgaard will help unlock the commercial potential of the company’s deep insight into risk management and performance management, drawing on his strong experience in commodity finance.

A stronger operational focus
Jacob Nørgaard is already a familiar face in Bunker Holding and joins from his role as CFO of sister company Global Risk Management (GRM). Here, he has helped develop strong capabilities within commodity risk management, risk reporting, and the operational link between the business and finance. He brings a holistic view of the CFO role, deep business understanding, and a strong ability to lead effective teams.

“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,” says Peder Møller, CEO of Bunker Holding.

Thank you for eight years of strong contribution
At the same time, Michael Krabbe is stepping down as CFO by mutual agreement. He has been part of Bunker Holding for eight years and has played an important role in building a more strategic and commercially focused finance function.

Nina Østergaard, Chairman of the board and co-owner of Bunker Holding, extends both a sincere thank you to the outgoing CFO and a warm welcome to his 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,” says Nina Østergaard, and continues:

“At the same time, I am very pleased that we can 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.”