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Saturday, March 28, 2020

Financial Management News

Pratap Shirke (Photo: North P&I Club)

North P&I Club Sets 7.5% General Increase

Directors of North P&I Club have decided to set a general increase of 7.5% on P&I and FD&D premiums for the 2020/21 Policy Year. The increase is considered necessary to maintain the Club’s financial strength and stability in a climate of rising International Group Pool claims and premium erosion.According to North’s Chairman, Pratap Shirke, “The marine insurance landscape has been challenging, and during this time we have persisted with our strategy of preserving a balance between reliable financial management and our desire for controlled growth.

Sergey Frank (Photo: Sovcomflot)

Sovcomflot Elects New Chairman and New CEO

On September 24, 2019, the Board of Directors of PAO Sovcomflot elected Sergey Frank as its new Chairman. Igor Tonkovidov was appointed as the company's new Chief Executive Officer. Both appointments are with immediate effect.The meeting was attended by Maxim Akimov, Deputy Prime Minister of Russia, who noted in his address: "Through consistent implementation of Sovcomflot's Strategies 2005-2011 and 2012-2018, the company has transformed itself into a global leader in energy shipping and offshore services. Over the past 15 years, Sovcomflot fleet has grown more than threefold.

Photo: Massport

Massport Board Appoints New CEO

The Massachusetts Port Authority (Massport) picked its port director, Lisa Wieland, to be its next Chief Executive Officer(CEO), bypassing the other finalist, a member of the city's power elite, for one of the most influential public-sector jobs in the state.Board of Directors voted to offer Wieland the position of CEO and Executive Director for a five-year term. Contract negotiations will occur at a later date.The search firm Isaacson, Miller sought a diverse candidate pool for the position and more than 100 applications were received.

Morten Mosegaard Christensen. Photo: Maersk Tankers

Morten Mosegaard Christensen New CFO for Maersk Tankers

Maersk Tankers has appointed Morten Mosegaard Christensen as its new Chief Financial Officer (CFO).Christensen joins Maersk Tankers from Danske Bank where he serves as interim CFO and Chief of Staff. Previously, he has held leadership positions at Danske Bank, including Head of Group Finance and Head of Group Financial Management.He has long experience in finance in areas such as performance management, tax, cost control, accounting, business intelligence and capital management. He has also worked in strategy and business development at a senior management level.

Marco Wirén(Left) and Arjen Berends. Photos: Wärtsilä Corporation

Marco Wirén Appointed President at Wärtsilä

Marco Wirén, M.Sc. (Econ.), has been appointed President of Energy Solutions, Executive Vice President and member of the Board of Management of Wärtsilä Corporation, effective October 1, 2018.In this position, he is responsible for Wärtsilä's Energy Solutions business globally, and will report to President & CEO Jaakko Eskola.Wirén is currently the Chief Financial Officer of Wärtsilä, holding this position since August 2013. Prior to joining Wärtsilä, he had broad-ranging experience of financial management and international business management from the steel manufacturer SSAB…

Theo Bruijninckx (Photo: Huisman)

Huisman Taps Bruijninckx as CEO

Huisman announced Theo Bruijninckx has been appointed as the company’s new chief executive officer to replace Joop Roodenburg, who decided to step down to the president role. Bruijninckx joined Huisman as chief financial officer and member of the board in May 2017. In his new role as CEO, he is responsible for the daily operation of the company, while Roodenburg will focus on the development of technical solutions and customer relationships. “Since 1981 Huisman is a family owned business. I have taken over from my father and my wish is to handover the company to the next generation.

Photo provided by  Logimatic

Logimatic, Eiger Marine Join for Fleet Management Solution

Logimatic has formed an alliance with Eiger Marine to market the most comprehensive and operational Fleet Management System to the shipping industry, in Greece and Cyprus. The partnership will offer customers in the maritime sector a complete software solution for Fleet Management: SERTICA. SERTICA provides integrated Maintenance, Procurement, and HSQE for easy and flexible vessel management. Eiger Marine is a process improvement solutions provider. Extending their offerings with…

(Image: Inatech)

Global Bunkers, 2020 and Developing Market Trends

Alok Sharma, Head of Global Sales at Glencore’s Inatech, provides an in-depth look at what’s coming next for one of the maritime industry’s most interesting and important sectors. When it comes to bunkers, the OW crisis is still fresh in everyone’s mind, Environmental Control Areas (ECA) are very much in place and the changes mandated to come for bunkers in 2020 are also closer than one would think. From Alok Sharma’s chair as head of Global Sales at Inatech, a Glencore Company…

Ryan LeVeque (Photo: LCA)

AEU’s Martone and LeVeque Appointed to LCA Board

The American Equity Underwriters, Inc., a provider of workers’ compensation insurance for maritime employers, announced that two employees – John A. “Jack” Martone and Ryan LeVeque – have been named to the board of directors of the Longshore Claims Association, a nonprofit organization of claims professionals serving the shipping industry and longshore and stevedoring communities. Martone, senior vice president of AEU Advisory Services, previously served in various positions for 27 years with the U.S.

Peter Hughes (Photo: SCPA)

SC Ports CFO Hughes Retires

South Carolina Ports Authority announced the retirement of Senior Vice President of Finance and Administration (SVP)/Chief Financial Officer (CFO), Peter Hughes, effective at the end of the 2017 fiscal year. Stan Van Ostran, former Vice President and CFO of Metropolitan Nashville Airport Authority (MNAA), has been selected as Hughes' replacement and will assume the position on July 1. "Peter's contributions to SCPA during his long career here, and particularly on our senior management team, are too numerous to name," said Jim Newsome, SCPA president and CEO.

File photo: ZIM

Glickman to Take over as ZIM CEO

Eli Glickman has been nominated by ZIM Integrated Shipping Services’ board of directors as the container carrier’s new president and CEO. Glickman will assume the role July 1, replacing current CEO Rafi Danieli, who last year advised that he would be stepping down. Danieli led ZIM as CEO for the past eight years, and before this held various positions at ZIM, including CFO and deputy CEO. “It has been a privilege to lead ZIM during the most difficult times the industry has ever faced,” Danieli said.

Paul Holden Photo Armitt Group

Armitt Appoints Holden as Finance Director

The Armitt Group has appointed Paul Holden as its new Finance Director. Mr Holden has over 20 years’ experience in a series of senior financial management positions most notably as Finance Director at Dobson Crowther Ltd, a specialist print and packaging manufacturer, where he led an MBO of the business securing £3.5m acquisition funding from Royal Bank of Scotland. Immediately prior to joining the Armitt Group, he was Financial Consultant to Inspirepac Ltd, a £50M manufacturer of high quality packaging products…

Richard Gruenhagen (Photo: MV WERFTEN)

Gruenhagen Named CFO at MV WERFTEN

Shipbuilding group MV WERFTEN said it has appointed Richard Gruenhagen as Managing Director of Finance and Administration to reinforce the group's Management Board as new CFO effective February 1.   Gruenhagen graduated from Indiana University, is a Certified Public Accountant (USA), has many years of experience as Executive Financial Management Professional, broad business experience as CFO, Director of Finance, Chief Accountant and as Head FP&A & Controlling in large global companies and startups, incl. ABB and GE. Most recently, Gruenhagen worked as CFO at DHL Logistics in Switzerland.

Terry Guidry (Photo: AEU)

AEU’s Guidry Appointed to SCA Safety Committee

The American Equity Underwriters, Inc. (AEU) Senior Loss Control Manager, Terry Guidry, has been appointed to the Shipbuilder’s Council of America’s (SCA) Health and Safety Executive Committee. This newly formed committee will act as a think tank to assist in fulfilling the obligations of SCA’s new Shipbuilding Group Alliance with OSHA. Committee members will provide feedback on comments for new regulations, safety seminar topics and speakers, and support SCA Health and Safety legislative initiatives.

Tom Allegretti (Photo: AWO)

AWO Holds Spring Convention

AWO members converge on Washington D.C. The American Waterways Operators’ (AWO) 2016 Spring Convention attracted more than 200 members to Washington, D.C. April 19-21, including 36 first-time attendees. The annual event included a day of organization-wide and sector-specific meetings to discuss priority industry issues, the 14th Annual Barge-In, the Annual Membership meeting, at which AWO’s new member leadership was elected and new members of the Board of Directors were enrolled, and the Board of Directors meeting.

Diamond Offshore Names Senior VP, CFO

Diamond Offshore Drilling, Inc. has appointed Kelly Youngblood as Senior Vice President and Chief Financial Officer, to be effective May 3, 2016. Youngblood succeeds Gary T. Krenek, who is retiring after 33 years of service to the Company and its predecessors. Prior to joining the company, Youngblood held a variety of managerial positions with Halliburton Company, where he most recently served as Vice President, Investor Relations. Youngblood joined Halliburton in 1988 as a Staff Accountant and served in numerous financial management positions for Halliburton and its subsidiaries…

Eiliv Gjesdal

Gjesdal, VP & CFO of Kvaerner to Step Down

Kvaerner's executive vice president & CFO, Eiliv Gjesdal, has decided to seek new challenges outside Kvaerner, and will step down from the role as CFO as of 6 April 2016. He will work with special tasks until his notice period ends 30 June 2016. "Eiliv Gjesdal started as CFO in Kvaerner when the company was demerged from Aker Solutions in 2011. During a period of five years, he made significant contributions to Kvaerner's development and financial management. He has been an important part of our executive management team and has provided strong support to our colleagues.

Hempel appoints Anders Boyer-Søgaard as CFO and member of the Executive Board

Hempel Appoints Boyer-Søgaard as CFO

Hempel A/S announces that Anders Boyer-Søgaard, CFO and member of Executive Management of GN Store Nord A/S, will succeed CFO Kim Junge Andersen who will join Rockwool as CFO as per January 1, 2016. In 2007, Anders Boyer-Søgaard joined GN Store Nord where he is the CFO and member of the Executive Board. GN Store Nord is listed on Nasdaq OMX Copenhagen and is part of the OMX C20 index. GN Store Nord had 5,000 employees and revenue of more than DKK 7bn in 2014 in the two businesses GN ReSound and GN Netcom. Anders started his career with A.P.

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Navy Kicks Off Tours with Industry Program

The Navy kicked off a new program Oct. 5, designed to give high performing officers and Sailors experience at large corporations for approximately one year. Three participants began work today with Amazon in Seattle, Washington, and two with FedEx, in Memphis, Tennessee, as part of program's first cohort. As Secretary of the Navy Ray Mabus first announced in his May 2015 speech at the Naval Academy, this program is designed give our Sailors exposure to leading-edge business practices, techniques, and technologies with the competitiveness of the corporate business cycle.

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Malcolm Elected to General Dynamics Board

The board of directors of General Dynamics has elected Mark Malcolm to be a director of the corporation, effective August 5, 2015. He has been appointed to serve on the Audit Committee. Malcolm is the president and chief executive officer of Tower International, Inc. (NYSE: TOWR), a position he has held since August 2007. Tower International is one of the largest independent global suppliers of engineered automotive structural metal components and assemblies for major vehicle manufacturers.

Alastair Marsh (Photo: LR)

Marsh to Take Over as Lloyd’s Register CEO

Alastair Marsh, current CFO at the Lloyd’s Register Group Ltd. (LR), has been appointed as the successor to CEO Richard Sadler who has decided to step down at the end of 2015. Sadler will pass the CEO role to Marsh on October 1, 2015 and commence a formal handover period until the end of December 2015. Simon Nice, currently Group FP&A Director, will take up the role of Interim Group Financial Director during the transition. Following Sadler’s decision to step down as CEO, the LR board of directors conducted a six-month internal and external review of potential successors…

Hiltwein Joins Rand Logistics as VP, CFO

Rand Logistics, Inc. has welcomed Mark Hiltwein as Vice President & Chief Financial Officer, reporting to Rand's President and Chief Executive Officer, Edward Levy. In this role,  Hiltwein will be responsible for all aspects of the company's financial management, and will also oversee information technology, purchasing/procurement, and insurance. He brings to Rand more than two decades of financial management experience, in positions of increasing leadership and responsibility.

Gibbs & Cox Names Hans VP, Platform Solutions

Gibbs & Cox, Inc. announced the appointment of Matthew P. Hans as Vice President of the Platform Solutions Group. In this role, Hans will be responsible for profit and loss, financial management, and cost and schedule control for all Platform Solutions programs. Hans will maintain oversight of program deliverable quality in coordination with G&C technical Group Managers, as well as ensuring the professional development of program managers within the Group. The Platform Solutions Group provides ship design and naval architecture expertise to military and commercial maritime clients.

Hofste, Montijn Nominated to Supervisory Board Fugro

Fugro N.V. announces that the Supervisory Board of Fugro nominates Mrs. P.H.M. Hofsté and Mrs. A.H. Montijn for appointment as members of the Supervisory Board at the Annual General Meeting of Shareholders (AGM) to be held on 30 April 2015. Mrs. P. (Petri) H.M. Hofsté (1961) has held senior financial management positions at different organisations. She was a partner at KPMG before she was appointed group controller and later deputy chief financial officer at ABN AMRO Bank. Thereafter she has been division director of the Dutch Central Bank and chief financial and risk officer of APG Group…

Marla Bleavins (Photo: Port of Los Angeles)

Bleavins Named CFO at Port of LA

The Port of Los Angeles has appointed Marla Bleavins as its Chief Financial Officer. Bleavins will oversee the port’s financial affairs, which include accounting, financial management, debt and treasury, risk management and audit functions. She will manage approximately 60 employees and report to Molly Campbell, Deputy Executive Director of Finance and Administration. Bleavins replaces Karl Pan, who retired last week after 11 years with the City of Los Angeles, including the last six years at the port.

Adams and Reese partner Paxton, who also serves as President of the Shipbuilders Council of America (SCA)

Paxton Joins Adams and Reese

Adams and Reese Adds Four to Bolster Federal Governmental Relations Practice. Adams and Reese is proud to announce the addition of Partner Matt Paxton and Governmental Affairs Advisors Joe Carnevale, Ian Bennitt and Ashley Godwin, who join our firm in our Washington DC Office from the law firm of Ball Janik LLP. “We are very excited about adding Matt, Joe, Ian and Ashley, to our Firm and our Federal Governmental Relations practice,” said B. Jeffrey Brooks, Adams and Reese Executive Committee Chairman and DC Office Partner in Charge.