In a statement Toronto-quoted Algoma said Wight will be succeeded by industry veteran Ken Bloch Soerensen on 1 April 2015.
"We are very pleased that Ken has agreed to join Algoma as its new President and CEO at this important time in the evolution of the Company," added Duncan Jackman, the chairman of the owner’s board of directors.
"Ken brings a wealth of experience and a depth of knowledge, particularly in international marine operations, which will be critically important to Algoma as we seek out new opportunities for investments in growth initiatives".
Soerensen served as the chief executive of United Arab Shipping Co between 2005 and 2009. More recently, he was a managing director and partner at IPSA Capital Limited, according to today’s announcement.
Over the course of his 18-year career in the shipping and transportation industries Soerensen also worked for AP Moller-Maersk, Swiss Federal Railways and the European Liner Affairs Association in Brussels.
Algoma pointed out that it is in the midst of a fleet renewal programme. Today, its newbuilding backlog includes five bulkers that are due for delivery in 2016.
The operator said that, with the aid of what was bill as a “very strong” balance sheet, it is “well positioned” to continue to pursue renewal and “other opportunities” in the months ahead.
"The company has a strong franchise and a solid global reputation as the foremost provider of marine freight services in the Great Lakes and I anticipate building from that base into new markets," Soerensen added.
