Rand Makes Corporate Governance Changes

MarineLink.com
Tuesday, June 11, 2013

Rand Logistics, Inc. announced that Laurence Levy has been appointed as Executive Chairman, with responsibilities that include overseeing corporate strategy including growth and acquisition initiatives, corporate culture, and organization building. Mr. Levy formerly served as Chairman and Chief Executive Officer of Rand. Rand's Chief Executive Officer position will remain unfilled.

"Today's announcement reflects the collective view of our independent directors and management team as to the most efficient operating structure for Rand as well as the maturation of our Corporate Governance," commented Laurence Levy. "Under our new structure, I will set the strategic direction of Rand while Ed Levy, President of Rand, and Scott Bravener, President of Lower Lakes, will oversee business operations. We will coordinate all of our efforts to continue to build Rand and maximize the value of our assets."

Rand also announced that John Binion, a recently appointed independent director, has been appointed to both Rand's audit committee and compensation committee.

"The recent appointment of Mike Lundin as our Lead Director and of John Binion as a new independent director and member of the audit committee and compensation committee, as well as today's announcement regarding the creation of the position of Executive Chairman, underline our commitment to an optimal Corporate Governance structure and an independent Board of Directors that represents all shareholder interests," added Laurence Levy.

"When Rand was formed in 2004, it was a shell with $25 million of equity. At the time of the 2006 acquisition of Lower Lakes, it operated six of our current vessels and generated annual pro-forma EBITDA of less than $6 million. Today, our enterprise value is approximately $275 million, we operate 16 vessels, we carry about 23 million tons of material annually and we are amongst the largest shippers on the Great Lakes. Additionally, we have grown annual EBITDA per common share from approximately $0.50 per common share in fiscal year 2007, the first year after we acquired Lower Lakes, to nearly $2.00 per common share in fiscal year 2012, and we have increased annual free cash flow per common share from about ($1.24) per share in fiscal year 2007 to approximately $0.40 per share over the same time period. These successes are the product of the growth strategies that have been effectively implemented through the hard work and dedication of our employees, management team and directors, and I would like to thank them all for their efforts and commitment. Based on our current market position and the new business opportunities that we are pursuing, we believe that Rand is well positioned to continue to grow both organically and through acquisitions," concluded Laurence Levy.

www.randlogisticsinc.com

Maritime Reporter July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Info-X Invests in $5m Headquarter Expansion

Transportation solutions provider capitalizes on outsourcing trend Info-X Software Technology, provider of software solutions and back-office support to U.S.

Daihatsu Joins ClassNK Research Project

Classification society ClassNK announced that it will embark on a joint research project together with Daihatsu Diesel Mfg. Co., Ltd. Through the partnership, ClassNK

Ecospeed Fuel and Cost Saving Solutions at SMM

Ecospeed announced it will exhibit its line of fuel and cost saving solutions at SMM in Hamburg. Ecospeed and fuel savings Routine in-water cleaning results

Logistics

Info-X Invests in $5m Headquarter Expansion

Transportation solutions provider capitalizes on outsourcing trend Info-X Software Technology, provider of software solutions and back-office support to U.S.

Long Beach Cargo Operations Resume

Repair work begins after storm surges subsides The Port of Long Beach resumed full cargo-handling operations Thursday, Aug. 28, after a lessening of storm surges

US Rail Jams Force Rush to Roads and Rivers

U.S. coal-burning power utilities are being forced to turn to barges and more expensive trucks to move coal, desperate to shore up stockpiles left dangerously low

 
 
Maritime Contracts Maritime Security Maritime Standards Navigation Pipelines Port Authority Salvage Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1323 sec (8 req/sec)