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Audit Committee News

29 Jun 2023

Tidewater Appoints Dick H. Fagerstal Chairman of the Board

Source: Tidewater

Tidewater has appointed Dick H. Fagerstal non-executive Chairman of the Board.In addition, the Board has reduced the size of the Board from nine to eight members.Fagerstal stated, “I am honored to assume the role of Chairman of the Board of Tidewater at such an exciting time for our industry. I believe the company is well positioned to capitalize on the increasing global offshore activity with recently closed (and pending) additions to its fleet of offshore vessels.“Having been…

17 May 2023

Americraft Marine Group Names Hugel CFO

Eric C. Hugel (Photo: Libra Group)

Americraft Marine Group, a U.S.-based maritime subsidiary of the Libra Group, announced it has named Eric C. Hugel, CFA, CPA as its new chief financial officer (CFO).A seasoned financial business professional with over 30 years of leadership experience in public and private sectors, Hugel was most recently co-CEO and CFO of Hugel Corporation, a privately-owned family business. Hugel has also served on the board of directors of IEH Corporation (IEHC), a publicly traded aerospace and defense supplier, since 2016 and served as the chairman of IEH’s audit committee since 2019.

07 Mar 2022

Gulf Island Chairman Flick to Retire

Gulf Island Fabrication, Inc., a steel fabricator and service provider to the industrial and energy sectors, today announced that its Chairman of the Board of Directors, Michael A. Flick, will retire effective upon the expiration of his current director term in connection with the company’s 2022 annual meeting of shareholders. With Flick’s retirement, the Board will be reduced to six members.Flick has served as a director of the company for 15 years and as Chairman of the Board since 2020. He also has served, at various times, as a member of the Audit Committee, member and Chairman of the Compensation Committee, and member and Chairman of the Corporate Governance & Nominating Committee.The Board unanimously elected William E.

26 Jan 2022

Stolt-Nielsen CEO to Step Down after More Than Two Decades in Position

Niels G. Stolt-Nielsen has decided to step down from his role as Chief Executive Officer of chemical tanker operator Stolt-Nielsen Limited. Photo courtesy Stolt-Nielsen

Niels G. Stolt-Nielsen has decided to step down from his role as Chief Executive Officer of chemical tanker operator Stolt-Nielsen Limited.The company said Wednesday he'd continue as CEO and as a Director on the Board until the appointment process for a successor has been completed. Niels G. Stolt-Nielsen has served as Chief Executive Officer of Stolt-Nielsen Limited since November 2000 and has been a Director since 1996."The intention is that once a suitable replacement is found, Mr. Niels G.

27 Sep 2021

Harland & Wolff: Non-exec Chairman Steps Down

Credit: kilhan/AdobeStock

Harland & Wolff Group said Monday that Clive Richardson, Non-Executive Chairman of the company was stepping down from the Board. His notice period will run until mid-December 2021.Harland & Wolff Group said: "The company remains involved in advanced large complex bids and negotiations for multiple projects for financial year 2022 and beyond. Given the volume of work and related time investment required of the management team and of the broader Board of Directors over a prolonged period to bring these contracts to fruition, Mr.

29 Jan 2021

Coast Guard Foundation Elects Allegretti as Chairman

Thomas A. Allegretti (Photo: The Coast Guard Foundation)

The Coast Guard Foundation said Thomas A. Allegretti has been elected to the position of Chairman of the Board, effective January 7, 2021. Allegretti first joined the Coast Guard Foundation board in 2006 and has served on the Executive Committee and the Audit Committee. In 2020, he led the Foundation’s COVID Management plan.Most recently, Allegretti served as the Senior Executive Officer of the American Waterways Operators (AWO), the national trade association for the domestic tugboat, towboat and barge industry.

02 Aug 2018

Harvey Gulf Announces New BoD

Harvey Gulf International Marine’s parent, HGIM Corp., has announced the appointment of a new Board of Directors to serve following the company’s emergence from Chapter 11 proceedings.The seven member Board includes two current members remaining on the Board and five new members, each with expertise in individual areas particularly suited to support the company’s operation and development and collectively, creating a leadership platform that will enable Harvey Gulf to adjust and thrive in an ever-changing market. Shane Guidry. Mr. Guidry remains the Chairman of the Board and Chief Executive Officer for HGIM Corp. Mr. Guidry is the third generation in his family to lead Harvey Gulf. Mr.

16 Oct 2017

Rigdon Named Interim CEO at Tidewater

Larry Rigdon

Larry T. Rigdon will serve as interim president and chief executive officer (CEO) of Tidewater Inc. while a search committee seeks a permanent successor to Jeffrey M. Platt, who has elected to retire from his role as director, president and CEO of offshore service vessels (OSV) owner and operator effective October 15, 2017. “Having successfully completed the financial restructuring of Tidewater at the end of July, which positioned the company to weather current industry conditions and achieve success in the future…

31 Aug 2017

Shipping Beware Changing Risk Landscape -Moore Stephens

© M. Johannsen / Adobe Stock

Effective management of risk within the industry has improved slightly over the past 12 months, according to the third annual Shipping Risk Survey from international accountant and shipping adviser Moore Stephens. But shipping still needs to up its game in terms of managing its exposure to risk, which is increasing and changing in nature, not least in terms of the threat posed by cyber security, Moore Stephens says. Survey respondents rated the extent to which enterprise and business…

11 May 2017

DryShips Acquires Suezmax Newbuilding

Greece-based DryShips, a diversified owner of ocean going cargo vessels,  entered into an agreement with an entity affiliated with the Company’s Chairman and CEO, George Economou, to acquire one 158,000 deadweight tons Suezmax tanker currently under construction in China. The Company will finance the total gross purchase price of approximately $64.0 million using cash on hand and expects to take delivery of the vessel during May 2017. The vessel will be time chartered back to the seller and employed from the time of delivery under a five year time charter plus optional periods in charterer's option at a base rate plus profit share. The charterer will also be granted purchase options at the end of each firm period.

29 Dec 2016

Levenson Appointed Director, Great Lakes

The Board of Directors of Great Lakes Dredge & Dock Corporation the largest provider of dredging services in the United States and a major provider of environmental and remediation services, announced today that Ryan Levenson has been appointed to the Board of Directors, effective December 27, 2016. Mr. Levenson has also been appointed to the Nominating and Corporate Governance Committee. Concurrent with the 2017 Annual Meeting of Shareholders, the size of the class of directors of the Board with a term expiring at such meeting shall automatically decrease from three to two members. In addition, subject to certain exceptions, Great Lakes has agreed to include Mr. Levenson on the Company’s slate of nominees for the election of directors at the 2017 Annual Meeting.

27 Nov 2016

Designees to The TechnipFMC Board Announced

Technip S.A. (Euronext: TEC) and FMC Technologies, Inc. (NYSE: FTI) today announced their respective designees to the Board of Directors of the combined company, TechnipFMC, effective at the close of the proposed combination. The Board of Directors of the combined company will comprise 14 directors, seven designated by FMC Technologies and seven designated by Technip as set forth below. FMC Technologies will appoint the initial Independent Lead Director, in accordance with the terms of the Business Combination Agreement. The Board of Directors will have four committees: Audit, Nominating and Governance, Compensation, and Strategy. The committee chairs and Independent Lead Director are indicated below. ď‚· Douglas J. ď‚· Claire S. ď‚· Richard A. ď‚· Kay G. ď‚· James M.

12 Nov 2016

Clayton To Join Clarkson Board

Clarkson PLC announced that Marie-Louise Clayton will join the Board as a Non-Executive Director with effect from 1 January 2017. She will take over as Chair of the Audit Committee following the Annual General Meeting in May 2017 when James Morley, who has been a Non-Executive Director for nine years, will retire from the Board. Marie-Louise Clayton brings a wealth of financial and strategic experience from a broad range of businesses from technology and manufacturing to sugar processing, power and energy. She is currently Chair of the Audit Committee of Zotefoams plc and a Non-Executive Director of Geoffrey Osborne Ltd. Marie-Louise has held various executive positions including Finance Director of Venture Production plc…

02 Nov 2016

Nils Andersen to Join the BP Board

The board of BP plc announced that it has appointed Nils Smedegaard Andersen as a Non-Executive Director with immediate effect; as well as serving on the Board he will join the Audit Committee. Andersen was Group Chief Executive of A.P. Møller - Mærsk A/S until 2016 and had previously been President and Chief Executive Officer of Carlsberg A/S and Carlsberg Breweries A/S. Carl-Henric Svanberg, Chairman of BP, said: “I am delighted to welcome Nils Anderson to the BP Board. Nils brings broad experience from the energy, shipping and consumer goods industries. Nils S. Andersen, 58, was Group Chief Executive of A.P. Møller - Mærsk from 2007 to June 2016.

22 Sep 2016

Daintith Named CFO, Rolls-Royce

Rolls-Royce announced that Stephen Daintith has been appointed Chief Financial Officer and as an executive director of Rolls-Royce Holdings plc. Stephen will take up his new role in 2017, succeeding David Smith who will leave Rolls-Royce after three years to pursue other business interests. Stephen Daintith is currently Chief Financial Officer of Daily Mail & General Trust plc. Previously he was employed by News International as Chief Financial Officer and Chief Operations Officer of Dow Jones & Co. His earlier career was spent working internationally in a number of senior positions at British American Tobacco, also at Forte, the Civil Aviation Authority and PriceWaterhouse Coopers.

09 Nov 2015

ST Engineeing Appoints Director

Singapore Technologies Engineering Ltd (ST Engineering) today announced the appointment of Mr Lim Ah Doo as an independent non-executive Director of the Company and a Member of the Audit Committee with effect from 10 November 2015. Mr Lim, 66, was formerly the President and subsequently the non-executive Vice Chairman of RGE Pte Ltd (formerly known as RGM International Pte Ltd). His past working experience includes an 18-year banking career in Morgan Grenfell from 1977 to 1995, during which he held several key positions including that of Chairman of Morgan Grenfell (Asia) Limited.  Mr Lim graduated with an honours degree in Engineering from the Queen Mary College, University of London and a Master in Business Administration from the Cranfield School of Management.

09 Sep 2015

Andersen will be CEO of Hempel

Hempel A/S announced that CEO Pierre-Yves Jullien will be succeeded by Henrik Andersen, Group COO of ISS A/S, by March 1st 2016. Henrik Andersen has been with ISS A/S since 2000, since 2011 as Member of the Executive Board, first as Group CFO and from 2013 Group COO, EMEA and following a recent change been appointed in his current position as global Group COO. Prior to returning to Copenhagen in 2011, Henrik spent 7 years in the UK starting as CFO and from 2008 to 2011 as CEO for ISS UK and its 43,000 employees. During his tenure, ISS UK grew from GBP 500m to GBP 925m in turnover and more than doubled earnings. ISS A/S is one of the world´s largest facility services providers with more than 500.000 employees…

24 Aug 2015

Sivertsen is New CEO of EMGS

Bjarte Bruheim has decided to step down as Chief Executive Officer of Electromagnetic Geoservices ASA with immediate effect. He has held this position since 7 January 2015, and before that, he held the position as the company's executive chairman since 2004. The board of directors wishes to express its gratitude to Bjarte Bruheim for his valuable contribution to the company through many years. EMGS has initiated a search for a new CEO. Until a permanent CEO is in place, Stig Eide Sivertsen has been appointed new CEO. As the CEO cannot be a member of the board of directors, according to the Norwegian Public Limited Liability Companies Act, Sivertsen has voluntarily resigned as board member with immediate effect. Sivertsen has served on the Board and chaired the Company's audit committee.

14 Aug 2015

Changes on BHP Billiton Board

BHP Billiton Chairman, Jac Nasser, today announced a number of changes to the BHP Billiton Board of Directors. Anita Frew has been appointed to the BHP Billiton Board as an independent Non-executive Director, effective as of 15 September 2015. Ms Frew has over 18 years’ experience as a director and chairman on public company boards across a range of global sectors, including chemicals, engineering and finance. She is currently Chairman Designate of Croda International Plc, the speciality chemicals group and Deputy Chairman of Lloyds Banking Group Plc. Mr Nasser said Ms Frew’s appointment reflected the structured and rigorous approach taken by BHP Billiton to Board succession planning…

07 Aug 2015

Overseas Shipholding Investors Settle Lawsuit with Execs, Others

Overseas Shipholding Group Inc investors have reached $16.25 million in settlements with the executives, underwriters and an auditor of the tanker company in a lawsuit related to its 2012 bankruptcy and tax problems. Company directors and officers, including former Chief Executive Morten Arntzen and former Chief Financial Officer Myles Itkin, agreed to pay $10.5 million, papers filed in Manhattan federal court on Thursday showed. Underwriters including Citigroup Inc, Deutsche Bank AG and Goldman Sachs Group Inc will pay $4 million, while accounting firm PricewaterhouseCoopers LLP will pay $1.75 million. "We're think its an extraordinary result in an extremely complex case," David Rosenfeld, a lawyer for the plaintiffs, said on Friday.

06 Aug 2015

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. Previously Malcolm worked for Ford Motor Company for 28 years, with his final position as executive vice president and controller of Ford Credit, from 2004 to 2005.

30 Jul 2015

Rolls-Royce Takes Davies on Board

Rolls-Royce appointed Alan Davies as a Non-Executive Director. He will join the Board with effect from November 1, 2015 and will become a member of the Nominations and Governance Committee, and the Audit Committee. Alan Davies is currently Chief Executive of Rio Tinto's Diamonds and Minerals division. He joined Rio Tinto in 1997 and has held a number of senior positions in Australia, London and the US, predominantly in Rio Tinto's Iron Ore product group where he has served as CFO, Managing Director Global Development and as President International Operations. Alan Davies is a Fellow of the Institute of Chartered Accountants in Australia. Ian Davis, Rolls-Royce, Chairman, said, "I am delighted that Alan Davies will be joining us as a Non-Executive Director.

17 Jul 2015

Kværner ASA in Board Changes

Trine Sæther Romuld has informed Kværner ASA that she resigns from her position as non-executive Director and Chair of the Board's Audit Committee of the Company with immediate effect. This is due to change in employment to a position without opportunity to hold directorships. According to Kværner ASA's Articles of Associations, the Board of Directors shall consist of six to ten members. Following the resignation of Ms Romuld, the Nomination Committee has decided not to propose replacing Trine Sæther Romuld before the next General Meeting, thus the Board of Directors of Kværner ASA now consists of eight Directors, whereof three employee-elected Directors.