Grindrod Shipping completes management shake-up with appointment of longtime executive Deborah Davel as CFO
Privately owned ship management company Taylor Maritime Investments has installed its founder Edward Buttery as new CEO ofButtery, who established Taylor Maritime in 2014, led the takeover of Grindrod Shipping last year in a deal that saw it increase its stake in the group to more than 83%. The deal is worth more than $400m.
Davel has been with the company since 2004 and served as a member of the executive committee since 2020. Her most recent role in the group was that of GM of treasury and projects. “We would like to sincerely thank Steve for his leadership and we wish him the best as he relocates with his family to England in the coming months,” Klemme said.
News of the management and board overhaul sent Grinship to its biggest one-day fall on the JSE since May 2020, plunging 14.11% to R219 by midday before recovering slightly to R233.In the fourth quarter of 2022, Taylor Maritime launched a voluntary tender offer for all the ordinary shares of Grinship, reaching more than 83% ownership at the closing of the offer in December.
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