Swiss shipbroker Ifchor has kept it in the family by bringing in boss Emanuele (Manu) Ravano's brother as joint chief executive.
The company said the move strengthens the leadership team through Giovanni Ravano's knowledge of agribusiness after 20 years in executive roles at trader Bunge.
He was most recently vice president of global trading and distribution, and was previously managing director and vice president of ocean freight.
The new appointment marks a return to Ifchor for Giovanni Ravano. He spent the early years of his career as a shipbroker there.
“I am delighted to be back at the family business, joining my brother in leading Ifchor's strategy and developments," he said.
"The shipping industry is rapidly evolving and the future looks ever more complex. Ifchor has grown significantly in recent years and my focus will be on contributing to our goal of taking the company to the next level."
'Wisdom' added
Ifchor has been growing rapidly in the last two years, adding brokers and new offices in the Middle East and Asia.
It also set up a partnership with US shipbroker McQuilling Partners in South America, as well as making digital investments.
Manu Ravano said: "My brother brings practical shipbroking experience, wise management and strategic skills.
"Managing Ifchor's continued growth with new people, new services and new offices is a challenge which requires practical management. Our complementary skill sets are backed up by a great personal relationship.”
What's in a name?
The company was founded by the brothers' father Riccardo Ravano in 1977, as part of a Genoa-based family shipping business.
In 1980, Riccardo Ravano opened up his partnership to Giovanni Calleri and Claudio Ceccarelli. Seven years later, Riccardo Ravano’s elder brother Giuseppe also joined.
When Riccardo Ravano visited the Chambers of Commerce in Lausanne to register the company, his intention was to name it Ischor, an acronym standing for Italoswiss Chartering Organisation.
But either an administrative mistake was made, or his handwriting was misunderstood, and the name Ifchor was recorded for posterity.
Expanding eastwards
Ifchor is active in dry and wet bulk chartering, sale and purchase, research and financial advisory services.
Headquartered in Lausanne, it has 14 offices in Asia-Pacific, Europe, the Middle East and the US.
Last month, it made another expansion move with a new office in India and a new broker in Dubai.
Ifchor (India) has been set up in Mumbai and will be represented by Dripto Chatterjee.
Last October, the company signalled that it was expanding its Asian bulker operations to tap growth.
The broker said its office in Singapore would have a new desk focusing on ships ranging from handysizes to ultramaxes.
The move was made "in line with its strategy to increase its range of fully integrated broking services to support our clients in key geographies around the globe", the company added.
The new desk is headed by Sabrina Qian, who has more than 15 years of experience as a dry bulk broker in Asia.
She was joined by two experienced hands, Kevin Jee and Penny Panlin.
Ifchor already had 11 brokers in Singapore handling panamax and capesize vessels.
