Rand Makes Corporate Governance Changes

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.


Maritime Today

The Maritime Industry's original and most viewed E-News Service

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

People & Company News

Royston Appoints New US Distributor

Diesel power engineering specialist Royston has appoint a new U.S.-based distributor, citing growing interest in its advanced Enginei marine fuel management and monitoring systems.

SSI Hires Holder for US Sales

SSI has hired CAD/CAM specialist Robert Holder as part of its sales force in the U.S. market.    According to SSI, the hiring is intended to meet the expanding

MacGregor Wins Orders for Pusnes Deck Machinery

MacGregor, part of Cargotec, announced it has secured orders for a series of Pusnes deck machinery packages for several shipowners. The Pusnes equipment has been


Two New Crewboats for ISS

Maritime and logistics service provider Inchcape Shipping Services (ISS) has expanded its launch fleet with two more fast crewboats, bringing its total fleet size to 18 vessels.

Asia Fuel Oil-Cracks, Spreads Tight; Bunker Prices Climb

Asia's fuel oil crack for benchmark 180-centistroke rebounded to a discount of $6.79 a barrel on Wednesday, gaining as bunker prices firmed on the possibility of

Egypt to Complete East Port Said Side Channel in 2016

Egypt plans to complete a side channel in East Port Said, near the Suez Canal, that would speed up shipping and allow ships direct entry into the port by the end of June 2016,

Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Navigation Offshore Oil Port Authority Salvage Ship Electronics Ship Repair Ship Simulators
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: 0.0985 sec (10 req/sec)