Veteran gas shipping executive Maurice Brand is to retire from his role as chairman of Global Energy Ventures (GEV) in November.
Brand is the founder of the Australian compressed natural gas (CNG) and hydrogen shipping start-up, and led the company as chief executive until May this year.
He will step down at the annual general meeting on 25 November.
GEV is bringing in experienced shipping executive David Palmer as non-executive director.
The company said Palmer will bring a unique blend of extensive shipping operations and investment banking capabilities to the board.
Remains the biggest shareholder
The company said Brand, who is still the biggest GEV investor, was instrumental in the development of GEV's strategy in 2016 to develop a CNG shipping model.
Over his term as a key executive, board member and major shareholder, GEV added that he has played a big role in developing the CNG Optimum gas carrier.
The company is still trying to secure a first contract for the carriers, which will allow it to go ahead with an order for up to eight vessels at Yantai CIMC Raffles Offshore in China.
The company's letter of intent at the yard is being renegotiated. GEV has previously indicated the CNG carriers will cost up to $1.1bn combined.
GEV has also been developing the world's first compressed hydrogen carrier.
The Sydney-listed company said Brand leaves a "remarkable legacy".
Brand officially retired once before in 2016 after developing LNG Limited, an Australian mid‐scale LNG export terminal company.
But he told TradeWinds that he had to take another look at CNG and re-emerged the same year to set up GEV.
His research led him to CNG design pioneers David Stenning and John Fitzpatrick. Brand spent a year buying out their company, SEA NG Corp.
A 'huge support'
GEV chief executive Martin Carolan said: "On behalf of the GEV team and shareholders, I would like to extend my heartfelt thanks and best wishes to Maurice, who has been a great support to me professionally for many years, including my time with GEV, for which I owe him a huge amount of gratitude.
"Maurice is one of the true entrepreneurs who has not let someone with an opposite view distract him or change his positive spirit in business and in life in general," he said. "We wish him the very best in retirement and look forward to his ongoing support as a shareholder."
Brand has been a company director for more than 30 years.
"With such a talented and competent team of executives and directors in place, it is the right time to retire," Brand said. "I will watch with considerable interest the exciting implementation stage that GEV is now embracing and will continue to maintain a shareholding.
"I am very confident that I will see the construction of the first compressed gas and hydrogen ship in the near term."
New director Palmer has held senior executive and management positions with Pareto Securities, Swire Group, Stolt-Nielsen, IMC Pan Asia and Wah Kwong.
He is currently finance chief and chief operating officer at Britoil Offshore Services in Singapore.
