Royal Greenland has appointed Toke Binzer as the new CEO of the seafood giant, following the departure of Susanne Arfelt Rajamand in February.
Sunke has served in this role since Arfelt Rajamand left the company.
Currently, Royal Greenland is executing a recovery program and has initiated its ‘back to black’ turnaround strategy. Announcing its first-half results in August, the company aims for an EBIT margin of 5% by 2027 and anticipates an annual profit before tax of DKr250m ($39.3m).
During the first half, the company incurred a loss before tax of DKr11m, a notable improvement over the DKr59m loss the previous year. The EBIT margin increased to 1%, compared to a negative 0.4% in the same period.
Binzer’s background includes significant experience with international corporations such as IBM and TDC, where he managed complex transformations and development tasks. Additionally, Royal Greenland noted his past directorial role at Tusass, a Greenlandic postal and telecommunications company.
Royal Greenland emphasized that Binzer’s blend of international expertise and local knowledge positions him ideally to lead a company that is a prominent international market player and an essential societal contributor in Greenland.
Chairman of the Board Niels Thomsen expressed, “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.”
He continued, “We share ambitions for high professionalism, execution power, and a strong anchoring in Greenland—so I look forward to our collaboration.”
Thomsen was appointed chairman in August, succeeding Maliina Abelsen, who served in this role since 2022.
Regarding the CEO transition, outgoing Sunke shared, “It has been an honor to lead Royal Greenland, albeit for a brief period. I now look forward to working together with the board and Toke to implement our strategy and restore the economy.”
In the first half of 2025, the company reported a 1.1% revenue decline compared to the corresponding period in 2024, with revenues totaling DKr2.61bn. However, there was an EBIT improvement, with profits increasing to DKr27m, compared to an EBIT loss of DKr11m last year. This rebound stands out against the negative results recorded in 2023, where the company faced a DKr61m loss.
Despite reporting a net loss of DKr16m for the period, this figure reflects a substantial improvement over the larger losses of DKr63m in 2024 and DKr90m in 2023.
Sunke commented in August, “The half-year report indicates a positive trajectory toward achieving Royal Greenland’s economic goals by 2027. Nevertheless, attaining this objective will necessitate sustained focus on efficiency and adaptability in a constantly evolving market.”
He added, “With the half-year report in hand, we are confident that our economic ambitions in the new strategy are achievable. However, this requires a deliberate effort in reducing costs and enhancing earnings in ever-changing markets.”
