Toke Binzer Takes the Helm at Royal Greenland
On Monday, Toke Binzer formally begins his tenure as managing director of Royal Greenland, but with that title comes a daunting reality: the heavy burden of criticism and scrutiny. In a company of this magnitude—Greenland’s largest publicly owned production entity—every decision he makes is likely to face a spotlight.
Royal Greenland finds itself in a precarious position. On one hand, it must navigate the competitive waters as one of the world’s leading seafood producers. On the other, it has a responsibility to foster economic growth and create jobs in some of the country’s most isolated settlements. Balancing these two compelling interests will be no small feat, especially given the significant financial challenges inherited from his predecessor.
The company’s 2024 financial outlook paints a troubling picture, with a deficit projected at a staggering DKK 196 million, following a DKK 211 million shortfall the previous year. It is evident that Binzer’s immediate priority will be to steer the organization back toward profitability.
Navigating Political Waters
Political dynamics will also play a crucial role in Binzer’s new role. The recent Fisheries Act, which grants Royal Greenland a special status, reflects the government’s intent to stimulate employment across the nation—an objective that may complicate the company’s operational flexibility. During the spring election campaign, Jens-Frederik Nielsen, the chairman of Naalakkersuisut, was vocal in his criticism of the Fisheries Act, suggesting that Royal Greenland should compete on equal footing with private fishing companies. However, since taking the chairmanship, Nielsen’s tone has softened, leaving uncertainty about the future of the company’s unique status.
For politicians, Binzer embodies hope—a leader with international experience and a firm connection to Greenland. Raised in Nuuk, he has a robust background, having held significant positions at IBM and TDC, and he holds a master’s degree in HR from Copenhagen Business School.
From Tusass to Royal Greenland
Before stepping into his new role, Binzer was managing director at Tusass, where he started as the financial director in 2022. He takes over from Preben Sunke, who has been serving as acting CEO since the dismissal of Susanne Arfelt Rajamand in February.
With an annual turnover of DKK 5.7 billion and over 2,000 employees—more than 1,300 of whom work in Greenland—Royal Greenland’s operations are extensive and vital, making Binzer’s leadership all the more significant in this pivotal moment for the company. The road ahead may be fraught with challenges, but Binzer’s experience and background may just be what Royal Greenland needs to navigate these turbulent waters.