MFT Energy announces new CEO and publishes 2022 results

Energy trading company, MFT Energy, welcomes Bo Palmgren as the new CEO. He will be taking over the responsibility from Torben Nordal Clausen in a well-planned change of leadership. The change comes at the same time as the company is publishing its 2022 annual report.

After three years as CEO of MFT Energy, Torben Nordal Clausen hands over the responsibility in a well-planned change of leadership, which also marks the end of the company’s three-year strategy period launched by Torben Nordal Clausen back in 2020. In his capacity as CEO, Torben Nordal Clausen has built a solid and scalable business platform while growing the company both financially and globally.

“Our joint efforts during the past three years have made us one of the major and most trusted players in our industry. In 2020, we launched an ambitious strategy, and we have performed well above expectations. We have created a strong global company that is ready to continue its development going forward. I am now handing over the CEO responsibility to Bo Palmgren, who knows the company and the industry from within and is ready to take MFT Energy to the next level. And I do it with great reassurance and humility. I remain humble for the journey with MFT Energy and my great colleagues, who have worked with dedication to bring the company to success,” says Torben Nordal Clausen.

To the MFT Energy Board of Directors, it was important for the change of CEO to take place in a well-prepared manner. Therefore, in November 2022, Bo Palmgren was announced Co-CEO, and he will take over the position of CEO on June 1, 2023.

“I am proud to take over the role as CEO of MFT Energy after Torben Nordal Clausen, who has been instrumental in taking MFT Energy to where the company is today. Our current position is one of both strength and opportunity. We have built a robust, compliant, and scalable platform to grow our business further, and I look forward to delivering on our new two-year strategy. We are part of an industry that is more than ever helping to solve a critical task for society by ensuring consistent energy supply across country borders. That is a task I look forward to solving in cooperation with MFT Energy’s employees, whom I am excited to lead, guide, and help become even stronger in the future,” Bo Palmgren adds.

We are part of an industry that is more than ever helping to solve a critical task for society
Bo Palmgren
Bo Palmgren

Financial highlights

Torben Nordal Clausen will continue as a member of MFT Energy’s Board of Directors and as a special advisor. He steps down as CEO by signing off on the company’s 2022 financial statements.

  • Gross profit: EUR 641,9 m
  • EBIT: EUR 576,2 m

With the 2022 earnings, comes a contribution to the Danish welfare state of more than EUR 125 m even though 99% of the company’s activities occur abroad.

“I would like to commend our employees for the 2022 financial results. We performed well above expectations, which proves that we have established a company that can navigate safely in a highly unpredictable and volatile market,”. In addition, I am proud of our tax contribution to Denmark. Even though 99% of our business activities take place abroad, we pay our company tax in Denmark and qualify as one of the major contributors to Danish welfare,” continues Torben Nordal Clausen.

Even though 99% of our business activities take place abroad, we pay our company tax in Denmark
Torben Nordal Clausen
Torben Nordal Clausen

In 2022, MFT Energy created 43 new jobs and onboarded nearly one new employee every week, while growing globally to doing business in 36 markets, and helping secure energy supply in a complex and extraordinary market situation.  

”2022 was a year when the need to move energy around was greater than ever before. And using our expertise, we helped to ensure exactly that. We helped balance supply and demand and moved energy from markets with overproduction to markets with energy shortages. During a period with a substantial increase in energy prices, we helped balance the markets and offset the price differentials, “ says Torben Nordal Clausen.

Find our 2022 annual report here