Grindrod Shipping Holdings Ltd. Announces Changes to Management and Board of Directors
20 Março 2023 - 5:00PM
Grindrod Shipping Holdings Ltd. (NASDAQ: GRIN) (JSE: GSH)
(“Grindrod Shipping” or “Company” or “we” or “us” or “our”), a
global provider of maritime transportation services in the drybulk
sector, today announced the following changes to our executive
management and Board of Directors (the “Board”).
Effective from March 31, 2023, Mr. Stephen
Griffiths will be retiring from the Company as Interim Chief
Executive Officer and Chief Financial Officer after more than 13
years of service with Grindrod Shipping and its predecessors. Mr.
Griffiths will also retire from his board position at the Company.
Concurrently, the Board of Directors has appointed Mr. Edward
Buttery as Chief Executive Officer and Mrs. Deborah Davel as Chief
Financial Officer, effective April 1, 2023. Mr. Buttery will remain
on the Board as an Executive Director but will relinquish his
position as a Compensation and Nomination Committee (“CNC”)
member.
Also effective from March 31, 2023, Mr. Quah Ban
Huat and Mr. John Herholdt will be retiring as Directors of the
Company in accordance with the terms of the previously announced
Transaction Implementation Agreement with Taylor Maritime
Investments Limited (“Taylor”). Mr. Quah will also be relinquishing
his position as Chairman of the Audit and Risk Committee (“ARC”)
and Mr. Herholdt will be relinquishing his position as Chairman of
the CNC. In conjunction with their departures, the Board has today
appointed Mr. Gordon French as an independent, Non-Executive
Director and a member of the ARC. Mr. French will be appointed as
the new ARC Chairman effective on April 1, 2023. Existing
independent Non-Executive Director Mr. Cullen Schaar will be
appointed as the new CNC Chairman effective on April 1, 2023.
Stephen Griffiths, Interim CEO and CFO of
Grindrod Shipping, said, “It has been an honor and privilege to be
a part of Grindrod Shipping over the last 13 years and lead the
Company through its critical sales process over the last year. I
would like to thank my colleagues for their hard work and
consistent support over the years and believe Grindrod Shipping is
well positioned for the future.”
Dr. Kurt Klemme, Chairman of the Board of
Directors at Grindrod Shipping, said, “We would like to sincerely
thank Steve for his leadership and we wish him the best as he
relocates with his family to England in the coming months. We would
also like to thank Mr. Quah and Mr. Herholdt for their services and
dedication to the Company during their tenure as directors of the
Company. We look forward to working with Ed and Debbie in their new
respective roles as CEO and CFO and believe the Company is in good
hands.”
Mr. Buttery is the Founder, Chief Executive
Officer and Executive Director of Taylor and has extensive
experience in the shipping and maritime finance fields over the
last 17 years. Prior to Taylor, Mr. Buttery was a Chartering
Manager at Pacific Basin, Deputy COO of Asia Maritime Pacific, and
a member of the ship finance team at Nordea Bank.
Mrs. Davel has been with Grindrod Shipping since
2004 and was most recently General Manager of Treasury and
Projects, a Director of the operating subsidiary of Grindrod
Shipping, and a member of the executive committee of the Company
since 2020. Prior to Grindrod, Mrs. Davel was the Project
Accountant for a technology company, Intervid International, and
Group Accountant for software company Keystone Solutions Group PLC
in London. Mrs. Davel qualified as a Chartered Accountant (South
Africa) in 1997 and completed her articles at KPMG.
Mr. French was the Head of Global Banking and
Markets for Asia-Pacific at HSBC and is based in Hong Kong
responsible for all Global Banking and Market’s businesses in the
region: Global Banking, Global Markets, Securities Services, Global
Liquidity and Cash Management and Balance Sheet Management. He
represented HSBC on various regulatory and exchange committees. He
was also the inaugural Chairman of HSBC Bank (Singapore) Limited
from April 2016 to June 2017.
About Grindrod Shipping
The Company owns and operates a diversified
fleet of owned, long-term and short-term chartered-in drybulk
vessels in the handysize and supramax/ultramax segments. The
drybulk business, which operates under the brand “Island View
Shipping” (“IVS”) includes a core fleet of
handysize and supramax/ultramax drybulk carriers. The Company is
based in Singapore, with offices in London, Durban, Tokyo and
Rotterdam. The Company is listed on NASDAQ under the ticker “GRIN”
and on the JSE under the ticker “GSH”.
Forward-Looking Statements
The statements in this press release that are
not historical facts may be forward-looking statements. The Private
Securities Litigation Reform Act of 1995 provides safe harbor
protections for forward-looking statements in order to encourage
companies to provide prospective information about their business.
The Company desires to take advantage of the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995 and is
including this cautionary statement in connection with this safe
harbor legislation. The forward-looking statements in this press
release are based upon various assumptions, including, without
limitation, Grindrod Shipping management's examination of
historical trends, data contained in the Company's records and
other data available from third parties. Although the Company
believes that these assumptions were reasonable when made, because
these assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible
to predict and are beyond the Company's control, the Company cannot
assure you that it will achieve or accomplish these expectations,
beliefs or projections. These forward-looking statements involve
risks and uncertainties that could cause actual results to differ
materially from those discussed in the forward-looking statements.
These risks and uncertainties include, among others, those
discussed in Grindrod Shipping's public filings with the SEC.
Except as required by law, Grindrod Shipping undertakes no
obligation to update publicly or release any revisions to these
forward-looking statements to reflect events or circumstances after
the date of this press release or to reflect the occurrence of
unanticipated events.
Company Contact:Edward Buttery / Deborah DavelCEO
/ CFOGrindrod Shipping Holdings Ltd.200 Cantonment Road, #03-01
SouthpointSingapore,
089763Email: ir@grindrodshipping.comWebsite: www.grinshipping.com |
Investor Relations / Media Contact: Nicolas
Bornozis / Paul LampoutisCapital Link, Inc.230 Park Avenue, Suite
1536New York, N.Y. 10169Tel.: (212) 661-7566Fax: (212)
661-7526Email: grindrod@capitallink.com |
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