Ronald Series has today joined Braemar Shipping Services as its non-executive chairman, which the company says is the first step in improving its fortunes.
He succeeds shipping veteran David Moorhouse, whose long-anticipated retirement has now become effective.
Series is currently the executive chairman of DX (Group), a deliveries and logistics company.
He has previously held senior management positions at Lonmin, the platinum group metals producer; energy company Viridian Group and Dubai World, the global investment company.
He has just ended a period as a senior independent director of Clipper Logistics.
The right mix
James Kidwell, chief executive of Braemar Shipping Services, told TradeWinds it was a deliberate decision to appoint a chairman with expertise gained from outside of shipping.
Series has a broad range of business skills, City relationships and experience in “end-user industries” for shipping, Kidwell said, which is “the best thing for the mix”.
The appointment of a new chairman was one of the two hurdles that need to be overcome for Braemar to improve its share price and overall financial performance, Kidwell said in January.
The other is the need for a clear future direction for Braemar's technical division, he said at the time.
“Completion of the task of resetting the board is only the start,” Kidwell said on Monday.
“Having done that, I think we can look forward to delivering on our strategy.”
This will include building links with investors, attracting new shareholders, and delivering in the company’s results, which are due out next month, the chief executive said.
With the appointment of Series, Braemar’s board now comprises a roughly 50:50 split of professionals whose experience lies outside of shipping and those who either have a shipping background or work in the industry day to day.
Braemar’s new finance director, Nick Stone, started in the role on 1 April.
Steve Kunzer, ex-chief executive of Eastern Pacific Shipping, joined the company as a non-executive director in February.
Kidwell declined to enter into specifics when asked how improvements to Braemar's technical division are coming along.
“We are obviously working hard on developing our technical division and improving our performance,” Kidwell said.
David Moorhouse has been Braemar’s chairman for the past three and a half years, before which he spent a decade as a non-executive director of the company.
“I will miss him and I would like to thank him for his invaluable help along the way,” Kidwell told TradeWinds.
