Jacob Aarup-Andersen

Jacob Aarup-Andersen became CEO of Carlsberg Group in September 2023, succeeding Cees 't Hart who had led the Danish brewer for eight years. Aarup-Andersen joined from ISS A/S, the Danish facilities management giant, where he had served as CEO. His appointment made him one of the few outsider CEOs in Carlsberg's 178-year history — the company is majority-controlled by the Carlsberg Foundation, which adds a unique governance dynamic. Aarup-Andersen's most consequential early move was the £3.3 billion acquisition of Britvic, the British soft drinks maker (Robinsons, J2O, Tango), announced and completed in 2024. The deal transformed Carlsberg's portfolio beyond beer into a broader beverages company, providing growth in the fast-expanding no-alcohol and low-sugar categories while reducing dependence on beer volumes that face secular decline in many Western European markets. Carlsberg's strategic positioning is built around three pillars: a dominant position in Asian beer markets (particularly China through its Chongqing brewery joint venture and India through growing market share), premiumization in Western Europe (shifting consumers from economy to premium and super-premium brands like 1664 Blanc and Grimbergen), and the new Britvic soft drinks platform. Aarup-Andersen's decisions on Britvic integration, Chinese market strategy amid economic slowdown, premiumization pace, and sustainability investments (Carlsberg targets zero carbon emissions at breweries by 2030) are the primary drivers of the group's stock performance.