Royal Greenland has named Toke Binzer as the new CEO of the seafood major following the departure of Susanne Arfelt Rajamand in February.
Binzer, whose appointment will take effect on 1 December, will take over from interim CEO Preben Sunke.
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Sunke has held the position since Arfelt Rajamand left the business.
Royal Greenland is in the midst of a recovery programme after launching its ‘back to black’ turnaround strategy last year.
Announcing its first-half results in August, the company said it is targeting an EBIT margin of 5% in 2027 under the plan and annual profit before tax of DKr250m ($39.3m).
It delivered a loss before tax of DKr11m over the six months, compared to a DKr59m loss a year earlier. The EBIT margin climbed to 1% versus a negative 0.4% in the corresponding period.
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By GlobalDataBinzer’s previous roles were at international companies IBM and TDC, where he worked on “complex transformation and development tasks”, Royal Greenland said in a statement.
In addition, Binzer has held a director position at Tusass, a Greenlandic postal and telecommunications entity.
The “combination of international experience and local insight makes him particularly suited to lead a company that is both an international market leader and a central societal player in Greenland”, Royal Greenland added.
Royal Greenland chairman of the board Niels Thomsen said: “It is with great pleasure that Royal Greenland welcomes Toke Binzer. The board looks forward to the opportunities his experience and leadership style will bring.
“We share the ambitions of high professionalism, execution power, and a strong anchoring in Greenland – so I am very much looking forward to the collaboration.”
Thomsen was named as chairman of the board in August, succeeding Maliina Abelsen, who had been in the position since 2022.
On the change of CEO, the outgoing Sunke said: “It has been an honour to lead Royal Greenland, albeit for a short time. I now look forward, together with the rest of the board, to collaborating with Toke to execute the strategy and restore the economy.”
In the first half of 2025, the company posted a 1.1% decline in revenue from the corresponding period of 2024 to DKr2.61bn.
There was an improvement in the company’s EBIT, which recovered to a DKr27m profit from an EBIT loss of DKr11m in the previous year.
The positive shift in EBIT was reported against the negative results recorded in 2023 with a loss of DKr61m.
Although the company reported a net loss of DKr16m for the period, it marked an improvement over the larger losses of DKr63m in 2024 and DKr90m in 2023.
“The half-year report shows a positive development towards achieving Royal Greenland’s economic ambition by 2027,” Sunke said in August. “However, reaching this goal requires a continued focus on efficiency and adaptations to a constantly changing market.”
He added: “With the half-year report in hand, we are confirmed that the economic ambitions in our new strategy are within reach. But it requires that we continue to work purposefully on both reducing costs and improving earnings in constantly changing markets.”
