Braemar Shipping Services has moved quickly to replace departing chairman Ron Series as it completes its management reorganisation.
The London-listed shipbroking group said it has appointed Nigel Payne as non-executive chairman and director from 1 May.
The experienced executive will also chair the company's nomination committee.
Series is leaving to pursue other business interests after steering Braemar through an 18-month period when it did not have a chief executive after James Kidwell left in 2019.
James Gundy took the top job on 1 January, with a renewed focus on core broking operations, meaning Series could step back from an executive role.
Payne, 61, currently chairs legal service group Gateley and is on the board of GetBusy.
He was CEO of gambling firm Sportingbet, one of the largest online gambling operations in the world, from 2000 to 2006.
Payne guided the company through numerous acquisitions and a listing on the London Stock Exchange.
Exciting time to join
Gundy said Payne is joining Braemar at an exciting time in its development.
"I look forward to working with him as we deliver on our new growth strategy centred on shipbroking. I would also like to thank Ron for his contribution to Braemar over the last two years and wish him well for the future," he added.
Payne was a finalist at the Sunday Times non-executive director of the year awards in April 2016 and was also an advisor to The Clinton Foundation, founded by former US president Bill Clinton, from 2006 to 2008.
Hobbies include mountain climbing, cycling, Formula 1 motor racing and table tennis.
"With the progress that has been made on refocussing Braemar's strategy on its shipbroking heritage, and in positioning the group to enable it to grow and build on this strong base, I believe that this is an appropriate time for me to step down," Series said.
"I am pleased to welcome Nigel to his new role, and to wish him and James and the board well as they take the company forward."
Braemar this month completed the disposal of its last engineering business, selling LNG and LPG consultancy Wavespec to its managers, having previously spun off three other operations to AqualisBraemar.
Payne said he is excited to be joining the board.
"I believe there are significant growth opportunities for the group's specialist and valuable services and I look forward to working with the board and the management team to help Braemar focus and deliver on this exciting new strategy for the benefit of all stakeholders of the group," the new chairman added.
