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(Alliance News) - Taylor Maritime Investments Ltd on Tuesday said Chief Executive Officer Edward Buttery will be appointed CEO of its recently acquired subsidiary Grindrod Shipping Holdings Ltd, effective April 1.
The Guernsey-based vessel investment company said this will make Buttery CEO of both companies, with his role at Grindrod focusing on "achieving strategic synergies".
It said Buttery will be supported by Grindrod's existing, "highly experienced" senior management team, which will continue to be responsible for day-to-day operational aspects of Grindrod.
Taylor Maritime's executive team will continue to manage its day-to-day matters and investment strategy alongside supporting Buttery in his dual CEO role.
"My focus is on delivering synergies for the Taylor Maritime and Grindrod fleet through a cohesive strategy and commercial vision. We are already starting to see the benefits that greater scale brings," said Buttery.
Grindrod Shipping Chair Kurt Klemme added: "We look forward to working with Ed in his new role as CEO and believe the company's business is in good hands. We are confident that with his position as CEO of Grindrod and Taylor Maritime he'll be able to achieve the co-operation of both companies to optimize earnings potential."
Shares in Taylor Maritime were up 0.5% to 92.52 pence each in London on Tuesday morning, while Grindrod Shipping shares were up 9.4% to ZAR254.97 each in Johannesburg on Tuesday at midday and closed down 4.9% to USD11.40 in New York on Monday.
By Greg Rosenvinge, Alliance News reporter
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