Foremost Group founder James Chao will come out of retirement to lead the New York bulker owner after the death of his daughter.
The Chinese-born shipowner had stepped back from leadership in the company in 2018, when he handed the reins to his daughter, Angela, who served as both chief executive and chair. As TradeWinds reported on Monday, Angela died in a car accident.
The 96-year-old James will serve as chair, while former Foremost president Michael Lee will return to that role and serve as chief operating officer, a spokesman for the company said.
Foremost general counsel Christine Chao, another of James’ six daughters, will also increase her involvement in the company.
Born outside of Shanghai and educated in navigation in China, James relocated to Taiwan when civil war broke out in China, according to the website of the family’s foundation. After becoming an oceangoing captain and starting a family, he moved to the US in 1958 with his wife, Ruth Chao, and their three daughters at the time.
Chao founded the company, at first called Foremost Maritime, in New York in 1964 before building it into one of the largest private shipowners in the US.
The company owns 31 Chinese and Japanese-built bulkers, and it has six on order, according to data from shipbroker Clarksons.
After showing an interest in following in her father’s footsteps from a young age, Angela started working at Foremost in 1996 and became deputy chair in 2009.
The return of Lee to Foremost’s executive team also brings back a familiar face and veteran shipping leader.
A Taiwanese-born American citizen, Lee spent 20 years as Foremost’s president.
A graduate of Taiwan Maritime College, he went on to get a master’s degree in transportation management at State Univerity of New York Maritime College.
“Under Mr Lee’s management, Foremost Group maintains its reputation for honour, integrity and performance,” Foremost said. “It is known to maintain quality operations and the highest professional standards of ship management and performance.”
According to her LinkedIn bio, Christine has spent the last 12 years of her career as Foremost’s general counsel.
A graduate of Colgate University who obtained her law degree at Columbia Law School, she spent two years at law firm Dewey Ballantine before working as inside counsel for several companies. Among those posts, she served as general counsel for Auric Technology, as well as vice president and counsel at General Electric Transportation Finance.
Angela’s death at 50 has led to a flood of tributes on social media, both from the shipping world and her pursuits outside of the industry.
MSC Group executive vice president Bud Darr said on LinkedIn that he had got to know her through work with a major classification society.
“Angela was a remarkable leader and a highly skilled and charismatic female executive in a world still overwhelmingly populated by people who look more like me,” he said.
“She was a bright young star in our industry who will be deeply missed.”
The Asian American Foundation, where Angela was a founding member, said it was heartbroken to learn of her death.
“A believer in the transformative power of education, Angela chaired TAAF’s education committee and supported organisations and scholarships to ensure students would have access to quality education to become leaders who will transform the world,” the group said.
“A brilliant and committed leader, Angela’s warmth, kindness and infectious energy will live on in our work for decades to come.”
