Ltd. Marine container lessor, railways and ferries operator, announced that its President and
Chief Executive Officer, James B Sherwood, has asked to be relieved of his
Chief Executive duties on an interim basis for health reasons. He will remain
as Chairman of the Board.
Mr Sherwood recently underwent successful surgery and has now returned to
the office on a part time basis. He and the rest of the board feel that
implementation of the company restructuring program which was announced on
November 3, 2005 plus supervision of day to day operations should not be
delayed pending his full time return to the company. The board met on
November 25, 2005 and agreed to Mr Sherwood's request that the Chief
Executive role be transferred to Mr Durant, who has been performing this role
during Mr Sherwood's hospitalization.
The previously announced search for a new Chief Executive
is now well
advanced and it is hoped that an appointment will be made early in the new