Canadian shipowner Algoma Central has promoted from within to find a new chief financial officer as Peter Winkley prepares to exit.
The Toronto-listed tanker and bulker owner said Winkley will retire at the end of 2024, after 14 years in the role.
Chief executive Gregg Ruhl thanked Winkley for “his dedication to the stability and sustainability” of the company, which is based in St Catharines, Ontario.
Winkley, who is also Algoma Central’s executive vice president, told TradeWinds that his departure is a true retirement.
“It’s actually been a great time to be at Algoma. We’ve done a lot of exciting things since I came here — some big investments in fleet renewal, some interesting new business opportunities with our international partnerships,” he said.
“It’s been a fun time and I’m at that point where I’m now saying, ‘It’s time to kick back a little bit’. It’s truly a retirement. I don’t have any other plans. I’m sure my wife will think of some things.”
Winkley joined the company in 2010 after 12 years at the Standard Compensation Act Liability Association in Bermuda.
Asked about what he is most proud of in the 14 years at Algoma, he pointed to his busy first several months.
“My first job was putting in place financing for a new fleet renewal programme that we were doing in our domestic dry bulk fleet, and within about six weeks of joining, we were also buying out our minority partner in our lakes business,” he said.
“So the first six months were doing a fairly significant recapitalisation of the company and then this large and very strategic M&A transaction.”
The moves, in addition to later financing deals for follow-on investments, helped financially position the company to be able to carry out today’s strategic diversification and growth plans, he said.
Algoma has appointed Christopher Lazarz to take the CFO job starting on 1 January.
Currently the vice president of corporate finance, he has served in a variety of finance roles at Algoma Central since joining in 2011.
He spent 15 years as president of Lazer Capital and three years at Deloitte & Touche, in addition to a year as manager of casino accounting at Niagara Casinos.
The chartered professional accountant holds a bachelor’s degree in accounting from Canada’s Brock University.
“I’m looking forward to handing off to him,” Winkley said. “I think the company is in good hands with the transition.”
Algoma Central owns a fleet of 37 tankers, bulkers and self-unloaders, with five more on order, according to Clarksons.
It reported revenue of CAD 290m ($215m) for the first half.
