Carlsberg Management

Management criteria checks 2/4

We currently do not have sufficient information about the CEO.

Key information

Jacob Aarup-Andersen

Chief executive officer

DKK 53.1m

Total compensation

CEO salary percentage	8.3%
CEO tenure	1.1yrs
CEO ownership	n/a
Management average tenure	3.8yrs
Board average tenure	5.6yrs

Recent management updates

Most Shareholders Will Probably Agree With Carlsberg A/S' (CPH:CARL B) CEO Compensation

Mar 07

Recent updates

There's Been No Shortage Of Growth Recently For Carlsberg's (CPH:CARL B) Returns On Capital

Nov 20

Is Carlsberg (CPH:CARL B) Using Too Much Debt?

Sep 11

Returns On Capital Are Showing Encouraging Signs At Carlsberg (CPH:CARL B)

Aug 21

Is There An Opportunity With Carlsberg A/S' (CPH:CARL B) 36% Undervaluation?

Jul 16

Carlsberg (CPH:CARL B) Seems To Use Debt Quite Sensibly

May 22

Is Carlsberg A/S (CPH:CARL B) Trading At A 26% Discount?

Apr 05

Most Shareholders Will Probably Agree With Carlsberg A/S' (CPH:CARL B) CEO Compensation

Mar 07

Carlsberg's (CPH:CARL B) Shareholders Will Receive A Bigger Dividend Than Last Year

Feb 12

Carlsberg's (CPH:CARL B) Returns On Capital Are Heading Higher

Jan 13

Here's Why Carlsberg (CPH:CARL B) Can Manage Its Debt Responsibly

Dec 15

An Intrinsic Calculation For Carlsberg A/S (CPH:CARL B) Suggests It's 49% Undervalued

Nov 17

Returns At Carlsberg (CPH:CARL B) Are On The Way Up

Oct 14

These 4 Measures Indicate That Carlsberg (CPH:CARL B) Is Using Debt Reasonably Well

Aug 21

Is There An Opportunity With Carlsberg A/S' (CPH:CARL B) 48% Undervaluation?

Jul 16

Returns At Carlsberg (CPH:CARL B) Are On The Way Up

Jun 28

Shareholders Will Most Likely Find Carlsberg A/S' (CPH:CARL B) CEO Compensation Acceptable

Mar 07

Carlsberg (CPH:CARL B) Has Announced That It Will Be Increasing Its Dividend To kr.24.00

Feb 22

Carlsberg's (CPH:CARL B) Upcoming Dividend Will Be Larger Than Last Year's

Feb 07

Are Investors Undervaluing Carlsberg A/S (CPH:CARL B) By 41%?

Jan 21

Carlsberg (CPH:CARL B) Is Looking To Continue Growing Its Returns On Capital

Dec 17

Carlsberg (CPH:CARL B) Has A Pretty Healthy Balance Sheet

Dec 02

Carlsberg A/S (CPH:CARL B) Shares Could Be 42% Below Their Intrinsic Value Estimate

Oct 17

Carlsberg (CPH:CARL B) Is Doing The Right Things To Multiply Its Share Price

Sep 18

Here's Why Carlsberg (CPH:CARL B) Can Manage Its Debt Responsibly

Sep 02

Returns Are Gaining Momentum At Carlsberg (CPH:CARL B)

Jun 16

Why Carlsberg A/S (CPH:CARL B) Is A Top Dividend Stock

May 01

Carlsberg A/S (CPH:CARL B) Shares Could Be 46% Below Their Intrinsic Value Estimate

Apr 04

Here's Why Carlsberg (CPH:CARL B) Can Manage Its Debt Responsibly

Mar 21

We Think Some Shareholders May Hesitate To Increase Carlsberg A/S' (CPH:CARL B) CEO Compensation

Mar 08

Are Robust Financials Driving The Recent Rally In Carlsberg A/S' (CPH:CARL B) Stock?

Mar 01

Key Things To Understand About Carlsberg's (CPH:CARL B) CEO Pay Cheque

Feb 16

Carlsberg (CPH:CARL B) Shareholders Booked A 62% Gain In The Last Five Years

Feb 03

Will the Promising Trends At Carlsberg (CPH:CARL B) Continue?

Jan 19

What You Need To Know About Carlsberg A/S' (CPH:CARL B) Investor Composition

Jan 04

Does Carlsberg A/S (CPH:CARL B) Have A Place In Your Dividend Portfolio?

Dec 21

We Think Carlsberg (CPH:CARL B) Can Stay On Top Of Its Debt

Dec 07

CEO Compensation Analysis

How has Jacob Aarup-Andersen's remuneration changed compared to Carlsberg's earnings?
Date	Total Compensation	Salary	Company Earnings
Jun 30 2024	n/a	n/a	DKK 7b
Mar 31 2024	n/a	n/a	DKK 7b
Dec 31 2023	DKK 53m	DKK 4m	DKK 7b

Compensation vs Market: Jacob's total compensation ($USD7.76M) is above average for companies of similar size in the Danish market ($USD3.84M).

Compensation vs Earnings: Insufficient data to compare Jacob's compensation with company performance.

CEO

Jacob Aarup-Andersen (47 yo)

1.1yrs

Tenure

DKK 53,100,000

Compensation

Mr. Jacob Aarup-Andersen serves as Group Chief Executive Officer, Member of Executive Board and Member of Supervisory Board at Carlsberg Breweries A/S since September 01, 2023. He serves as an Independent...

Leadership Team

Name	Position	Tenure	Compensation	Ownership
Jacob Aarup-Andersen	Chief Executive Officer	1.1yrs	DKK 53.10m	no data
Ulrica Fearn	CFO & Member of Executive Board	1.8yrs	DKK 22.30m	no data
Sarah Haywood	Chief Information Officer	no data	no data	no data
Peter Kondrup	Vice President of Investor Relations	15.8yrs	no data	no data
Joris Huijsmans	Executive VP & Chief Human Resources Officer	3.8yrs	no data	no data
Lars Lehmann	Executive Vice President of Central & Eastern Europe	5.4yrs	no data	no data
Søren Brinck	Executive Vice President of Western Europe	4.8yrs	no data	no data
Joao Abecasis	Executive Vice President - Asia	5.8yrs	no data	no data
Victor Shevtsov	Executive Vice President of Supply Chain	3.8yrs	no data	no data
Cecilia Lundgren	CFO of Western Europe and DE&I Council Chair	no data	no data	no data
Dejan Beko	Managing Director of Greece	no data	no data	no data
Anders Roed	Chief Strategy & Commercial Officer	less than a year	no data	no data

3.8yrs

Average Tenure

51yo

Average Age

Experienced Management: CARL B's management team is considered experienced (3.8 years average tenure).

Board Members

Name	Position	Tenure	Compensation	Ownership
Richard George Burrows	Non-Executive Non Independent Member of the Supervisory Board	15.8yrs	DKK 1.07m	0.0015% DKK 1.7m
Lilian Biner	Non-Executive Independent Member of the Supervisory Board	5.6yrs	DKK 1.16m	0.00042% DKK 468.4k
Majken Schultz	Non-Executive Non-Independent Deputy Chairman of Supervisory Board	5.6yrs	DKK 1.04m	0.00011% DKK 122.7k
Eva Decker	Employee Representative Member of Supervisory Board	10.8yrs	DKK 460.00k	0.000050% DKK 55.8k
Punita Lal	Non-Executive Independent Member of Supervisory Board	2.6yrs	DKK 630.00k	no data
Henrik Poulsen	Non-Executive Independent Chairman of the Supervisory Board	3.6yrs	DKK 2.05m	0.0023% DKK 2.6m
Magdi Batato	Non-Executive Independent Member of Supervisory Board	6.6yrs	DKK 840.00k	0.0013% DKK 1.5m
Esko Aro	Non-Executive Independent Member of Supervisory Board	2.6yrs	DKK 480.00k	no data
Soren-Peter Olesen	Non-Executive Non-Independent Member of Supervisory Board	12.6yrs	DKK 630.00k	0.00080% DKK 892.2k
Erik Lund	Employee Representative Member of Supervisory Board	9yrs	DKK 460.00k	0.000040% DKK 44.6k
Tenna Thorsted	Employee Representative Member of Supervisory Board	2.6yrs	DKK 460.00k	0.000020% DKK 22.3k
Olayide Oladokun	Employee Representative Member of Supervisory Board	2.6yrs	DKK 460.00k	no data

5.6yrs

Average Tenure

61yo

Average Age

Experienced Board: CARL B's board of directors are considered experienced (5.6 years average tenure).

Carlsberg Management

Management criteria checks 2/4

Key information

Recent management updates

Board Member recently bought kr.777k worth of stock

Carlsberg A/S Appoints Bob Kunze-Concewitz as Members of the Supervisory Board

Carlsberg A/S, Annual General Meeting, Mar 11, 2024

Carlsberg A/S Announces Supervisory Board Changes

Most Shareholders Will Probably Agree With Carlsberg A/S' (CPH:CARL B) CEO Compensation

Carlsberg A/S Announces Not Stand for Re-Election of Carl Bache as Director

Recent updates

Board Member recently bought kr.777k worth of stock

First half 2024 earnings: EPS and revenues miss analyst expectations

Subdued Growth No Barrier To Carlsberg A/S' (CPH:CARL B) Price

Carlsberg and Brooklyn Brewery Launch First Ever Lager Where All Barley Is Replacement with Drought-Resistant Fonio Grain

Carlsberg and Brooklyn Brewery Launch First Ever Lager Where All Barley Is Replacement with Drought-Resistant Fonio Grain

Investors Will Want Carlsberg's (CPH:CARL B) Growth In ROCE To Persist

Estimating The Intrinsic Value Of Carlsberg A/S (CPH:CARL B)

Carlsberg A/S' (CPH:CARL B) Shareholders Might Be Looking For Exit

Does Carlsberg (CPH:CARL B) Have A Healthy Balance Sheet?

Carlsberg A/S Appoints Bob Kunze-Concewitz as Members of the Supervisory Board

Carlsberg A/S Approves Distribution of the Profit for the Year 2023

Upcoming dividend of kr.27.00 per share

Carlsberg's (CPH:CARL B) Returns On Capital Are Heading Higher

Dividend of kr.27.00 announced

Full year 2023 earnings: Revenues in line with analyst expectations

Subdued Growth No Barrier To Carlsberg A/S' (CPH:CARL B) Price

Does Carlsberg (CPH:CARL B) Have A Healthy Balance Sheet?

There's Been No Shortage Of Growth Recently For Carlsberg's (CPH:CARL B) Returns On Capital

Carlsberg A/S, Annual General Meeting, Mar 11, 2024

Is Carlsberg (CPH:CARL B) Using Too Much Debt?

Returns On Capital Are Showing Encouraging Signs At Carlsberg (CPH:CARL B)

First half 2023 earnings: EPS misses analyst expectations

Is There An Opportunity With Carlsberg A/S' (CPH:CARL B) 36% Undervaluation?

An unknown buyer signed an agreement to acquire Russian business from Carlsberg A/S.

Carlsberg A/S Announces Supervisory Board Changes

Carlsberg (CPH:CARL B) Seems To Use Debt Quite Sensibly

Is Carlsberg A/S (CPH:CARL B) Trading At A 26% Discount?

Upcoming dividend of kr.27.00 per share at 2.7% yield

Most Shareholders Will Probably Agree With Carlsberg A/S' (CPH:CARL B) CEO Compensation

Carlsberg's (CPH:CARL B) Shareholders Will Receive A Bigger Dividend Than Last Year

Carlsberg A/S Announces Not Stand for Re-Election of Carl Bache as Director

Carlsberg A/S Proposes Dividend for 2022

Full year 2022 earnings: Revenues in line with analyst expectations

Carlsberg's (CPH:CARL B) Returns On Capital Are Heading Higher

Here's Why Carlsberg (CPH:CARL B) Can Manage Its Debt Responsibly

An Intrinsic Calculation For Carlsberg A/S (CPH:CARL B) Suggests It's 49% Undervalued

Carlsberg A/S Provides Earnings Guidance for the Year 2022

Carlsberg A/S to Report First Half, 2023 Results on Aug 16, 2023

Returns At Carlsberg (CPH:CARL B) Are On The Way Up

Carlsberg Group Appoints Ulrica Fearn as Member of the Executive Board, Effective 1 January 2023

These 4 Measures Indicate That Carlsberg (CPH:CARL B) Is Using Debt Reasonably Well

First half 2022 earnings: EPS and revenues exceed analyst expectations

Consensus forecasts updated

Consensus forecasts updated

Carlsberg A/S Upgrades Financial Guidance for the Year 2022

Is There An Opportunity With Carlsberg A/S' (CPH:CARL B) 48% Undervaluation?

Consensus forecasts updated

Consensus forecasts updated

Returns At Carlsberg (CPH:CARL B) Are On The Way Up

Carlsberg Announces the Resignation of Heine Dalsgaard as CFO, Effective 31 December 2022

Consensus forecasts updated

Carlsberg, Nirma, Oaktree Capital and Cerberus in Race for Hindusthan National Glass

Carlsberg Reportedly in Talks to Sell Russian Unit to Chernogolovka

Price target decreased to kr.1,111

Upcoming dividend of kr.24.00 per share

Shareholders Will Most Likely Find Carlsberg A/S' (CPH:CARL B) CEO Compensation Acceptable

Investor sentiment deteriorated over the past week

Carlsberg (CPH:CARL B) Has Announced That It Will Be Increasing Its Dividend To kr.24.00

Carlsberg's (CPH:CARL B) Upcoming Dividend Will Be Larger Than Last Year's

Carlsberg A/S Provides Earnings Guidance for the Fiscal Year 2022

Full year 2021 earnings: Revenues in line with analyst expectations

Carlsberg A/S Approves Dividend for the Full Year 2021

Are Investors Undervaluing Carlsberg A/S (CPH:CARL B) By 41%?

Carlsberg (CPH:CARL B) Is Looking To Continue Growing Its Returns On Capital

Carlsberg (CPH:CARL B) Has A Pretty Healthy Balance Sheet

Carlsberg A/S (CPH:CARL B) Shares Could Be 42% Below Their Intrinsic Value Estimate

Carlsberg (CPH:CARL B) Is Doing The Right Things To Multiply Its Share Price

Here's Why Carlsberg (CPH:CARL B) Can Manage Its Debt Responsibly

First half 2021 earnings released: EPS kr.20.92 (vs kr.19.42 in 1H 2020)