A severance agreement has also been reached with the CEO of the LÍV Group, and the process of finding a new CEO is now underway.
The LÍV Group has decided to withdraw from the company Globe Tracker ApS. The company has been in serious financial difficulty in recent years, and efforts to strengthen its market position have unfortunately not achieved satisfactory results, according to the LÍV Group.
Globe Tracker develops tracking equipment and software for monitoring, supervision, and management of shipping containers.
Although Globe Tracker’s systems have advantages over other similar solutions on the market, the company has struggled financially and has recorded losses for several years. Technical challenges have significantly affected both sales and customer confidence.
The LÍV Group has therefore decided not to invest any more money in the company.
Updated Investment Policy
The LÍV Group made its first investment in Globe Tracker in 2013. P/F Tryggingarfelagið LÍV has invested a total of 84.9 million DKK in the company, while P/F LÍV Lívs- og pensjónstryggingarfelag has invested 89 million DKK.
The LÍV Group has updated its investment policy, which now specifies that the company will no longer invest in projects of the same investment category as Globe Tracker. The LÍV Group has no other similar investments.
The total investment portfolio of Tryggingarfelagið LÍV amounts to just under DKK 5 billion. When the collaboration with Globe Tracker ended, the investment was carried on the books at DKK 29.9 million, corresponding to 0.61% of the total investment assets.
The company regrets the loss of these funds on behalf of its policyholders and acknowledges that this investment did not succeed.
Severance Agreement
At the same time as the decision was made not to provide any further funding to Globe Tracker, a severance agreement was reached with the CEO of the LÍV Group, Jan Jakobsen.
“During the 14 years that Jan Jakobsen has served as CEO of the LÍV Group, he has made a significant contribution, and we are very grateful for his excellent work. The time has now come for a new CEO to lead the LÍV Group forward,” says Árni Ellefsen, Chairman of the Board of P/F Tryggingarfelagið LÍV.
The process of recruiting a new CEO will begin shortly, and the position will be advertised publicly. Jan Jakobsen has agreed to continue serving as CEO until a successor has been appointed.