(Alliance News) - Taylor Maritime Investments Ltd on Thursday said it appointed a new interim chair to replace the outgoing chair, following the successful acquisition of Grindrod Shipping.
The dry bulk shipping company said Nicholas Lykiardopulo decided to step down from the board with effect from Friday following the Grindrod acquisition, to focus on his personal businesses after a period of "intense and demanding activity" within Taylor Maritime.
Senior Independent Director Frank Dunne will act as interim chair while the search for a permanent successor is conducted.
Taylor Maritime said Dunne has a wealth of legal experience, including working at maritime, aviation and energy law firm Watson Farley & Williams LLP, where he served as chair from 2004 to 2017.
"Frank's legal reputation in the maritime sector is unrivalled," said Chief Executive Officer Edward Buttery.
Buttery continued: "He will be a strong presence in the coming months as we focus on deleveraging and continuing to deliver compelling cash yields as we establish a critical path for earnings and net asset value accretion from the stand-out growth opportunity the Grindrod transaction represents.
Shares in Taylor Maritime were down 0.1% to USD1.12 each in London on Thursday morning.
By Greg Rosenvinge, Alliance News reporter
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Taylor Maritim (TMI)
Taylor Maritim (TMIP)