(Alliance News) - Grindrod Shipping Holdings Ltd said on Wednesday its interim Chief Executive Stephen Griffiths will retire at the end of this month to make way for Edward Buttery to take the helm at the recently acquired subsidiary.
Taylor Maritime Investments Ltd first announced on Tuesday that Buttery, its CEO, will hold the same position at Grindrod Shipping from April 1.
The Guernsey-based vessel investment company raised its interest in the Singapore-based shipping firm to 83% in December.
Griffiths will also relinquish his role as the chief financial officer at Grindrod Shipping after more than 13 years of service with the group.
Following Griffiths' retirement, Grindrod Shipping also said on Wednesday it had appointed Deborah Davel as chief financial officer, effective April 1.
Also effective from Friday next week, Quah Ban Huat and John Herholdt retire as directors of Grindrod Shipping in line with the agreement with Taylor Maritime, Grindrod Shipping said.
Grindrod Shipping Chair Kurt Klemme 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."
Klemme became chair of Grindrod Shipping early in December. Other non-executive directors appointed back then included Rebecca Brosnan, Charles Maltby and Cullen Schaar.
In a statement on Tuesday, Taylor Maritime said Buttery will be CEO of both companies, with his role at Grindrod Shipping focusing on "achieving strategic synergies".
It said Buttery will be supported by Grindrod Shipping's existing, "highly experienced" senior management team, which will continue to be responsible for day-to-day operational aspects of Grindrod.
In Johannesburg, Grindrod Shipping shares lost 14% to ZAR219.00 each on Wednesday at midday and closed down 1.0% to USD11.29 in New York on Tuesday. Shares in Taylor Maritime were up 1.0% to 92.38 pence each in London on Wednesday morning.
By Artwell Dlamini, Alliance News reporter
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Taylor Maritim (TMI)
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