TRAILER BRIDGE CEO GAINS FORMER VOTING RIGHTS OF MCLEAN
John D. McCown, the chief executive officer of Trailer Bridge, has gained control of the voting rights of the late Malcolm McLean, the founder and former majority stockholder of the shipping company.
McLean owned 5,338,000 shares of Trailer Bridge common stock, representing approximately 54.6 percent of the total number of shares at the time of his death on May 25.
Under McLean’s will, McCown is an executor of McLean’s estate and has sole voting and dispositive power with respect to his shares.
“Mr. McCown is now deemed to beneficially own, directly or indirectly, 5,477,500 shares of Trailer Bridge common stock, approximately 56.0 percent of the total number of shares outstanding,” Trailer Bridge said in a statement.