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 August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

MN 100: Gencorp Insurance Group

The Company: Gencorp Insurance Group provides the Insurance and Surety needs of Marine Contractors, Vessel Operators and Shipyards throughout the country and Caribbean.

MN 100: Bordelon Marine

The Company: Founded in 1979, Bordelon Marine is a leading provider of Marine Transportation services operating in the Gulf of Mexico and around the world. The

MN 100: Bouchard Transportation

The Company: Bouchard Transportation’s history dates back to its incorporation in 1918 by founder, Capt. Fred Bouchard, the youngest tugboat captain in the Port of New York.

Logistics

Migrant Boat Sinks off Libya; 200 Feared Dead

A boat packed with mainly African migrants bound for Italy sank off the Libyan coast on Thursday and officials said up to 200 might have died. A security official in the western town of Zuwara,

Oil Steadies as Equities Rally

Recovering stock markets boost oil prices; U.S. crude on track for first weekly gain in nine weeks. Oil prices steadied on Friday after bouncing back from six-and-a-half-year

Dutch Green Ports to be Model for Turkey

Netherlands will be a model for Turkey’s ports within an environmentally-friendly Green Port implementation, says Daily News.   Port of Amsterdam and Dutch officials

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Navigation Pipelines Pod Propulsion Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | 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: 0.2381 sec (4 req/sec)