Hong Kong-based containership lessor Seaspan says Gerry Wang is expected to continue in his current role as chief executive officer until a permanent replacement is found, or until Dec. 31, whichever comes first.
Seaspan Corp. Chief Executive Officer, Co-Chairman and Co-Founder Gerry Wang is retiring no later than the end of the year, the independent containership owner and operator said July 30, just weeks after the company said it was negotiating employment modifications with Wang.
According to Wang, he’s stepping down in order to focus on family business investments as well as his ongoing charitable efforts. Seaspan has indicated that Wang is expected to continue in his current role as CEO until a permanent replacement is found and installed, or Dec. 31, whichever comes first. He’ll continue to serve on Seaspan’s board until the end of the year.
Seaspan said it has already begun a search process to identify a new chief executive officer.
“I am extremely proud of Seaspan’s accomplishments and its unsurpassed industry position. It has been a fun and challenging journey for the past 20 years. I am choosing this timing because the company’s financial and operational position is strong and industry fundamentals have improved,” Wang explained in a statement. “It has been my honor serving as Seaspan’s CEO since the company was founded, and I wish everyone the best in the future.”
In addition to Wang’s departure, Seaspan also announced that it has promoted Peter Curtis to the roles of executive vice president and chief operating officer. Curtis joined Seaspan in 2001 as vice president and has served as the company’s chief operating officer since 2012.
Additionally, the company’s board of directors has appointed board member David Sokol as chairman of the board. Sokol was just appointed to the board in April, at the same time that board member Graham Porter resigned as a director.
Porter currently is a Director of the Washington Companies (WashCo.), which through its affiliates Deep Water Holdings, LLC and Copper Lion, Inc., is Seaspan’s founding and largest shareholder. WashCo. is made up of privately held companies that are active in the rail and marine transportation industries, mining, aviation, environmental remediation and restoration services, as well as heavy equipment sales and service.
Seaspan, which has executive offices in Hong Kong and principal operations management offices in Vancouver, British Columbia, provides shipping lines with outsourcing alternatives to vessel ownership by offering long-term leases on large, modern containerships combined with industry leading ship management services. The company’s managed fleet consists of 114 containerships representing a total capacity of over 915,000 TEU, including 11 newbuilding containerships on order scheduled for delivery by the end of 2018.
Seaspan CEO Wang stepping down later this year
