Appoints David
Sokol as Chairman of the Board and Promotes Peter Curtis to
Executive Vice President
HONG KONG, China, July 30, 2017 /PRNewswire/ - Seaspan Corporation
(NYSE: SSW) announced today that Gerry
Wang, its Chief Executive Officer, Co-Chairman and
Co-Founder, will retire from Seaspan effective December 31, 2017 to focus on family business
investments and his ongoing charitable efforts. In order to
facilitate an orderly transition, Mr. Wang will continue in his
current role as CEO until the earlier of when a permanent CEO is
identified or December 31, 2017, and
will continue to serve on Seaspan's Board until the end of the
year. Seaspan has commenced a search process to identify a new
Chief Executive Officer.
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The Board of Directors has appointed David Sokol, a member of the Board of Directors
and Executive Committee of Seaspan, as Chairman of the Board.
Concurrent with this change, Kyle
Washington and Gerry Wang
have both been recognized as Chairman Emeritus. Seaspan has
promoted Peter Curtis to Executive
Vice President and Chief Operating Officer. Mr. Curtis joined
Seaspan in 2001 as Vice President to establish and lead our ship
management function and has served as the Chief Operating Officer
of the company since 2012.
The Board of Directors has also formed The Office of the
Chairman, under the Direction of Mr. Sokol. In this role, Mr. Sokol
will oversee the Chief Executive Officer succession and overall
leadership transition. The Office of the Chairman will consist of:
Mr. Wang; Mr. Curtis; Mark Chu,
Chief Development Officer and General Counsel; David Spivak, Chief Financial Officer; and
Gabrielle Smith, Director of Human
Resources.
Dennis R. Washington, whose
family is Seaspan's largest shareholder, commented, "It has been a
pleasure partnering with Gerry since the Company's founding by
Gerry nearly twenty years ago. Gerry, along with Seaspan's world
class professionals, has built Seaspan into the world's leading
containership leasing platform. I wish Gerry great success in all
his future activities and good health, and appreciate him working
with David Sokol and the management
team for a smooth transition into Seaspan's next phase of
growth."
David Sokol commented, "I have
been impressed with Seaspan's outstanding group of employees, from
those operating the ships to the senior management team, and it is
an honor to serve as Chairman of this dedicated and talented group
of professionals. Continuously exceeding our customers'
expectations has been a hallmark of Seaspan's success and we will
not waver from our high standards. Peter
Curtis has a proven track record of meeting the exacting
needs of our customers, and we are pleased to promote him to
Executive Vice President and Chief Operating Officer. As the
world's leading container ship leasing franchise, Seaspan is very
well positioned to capitalize on opportunities that arise during
this period of improving industry fundamentals."
Larry Simkins, a member of the
Board of Directors and Executive Committee of Seaspan and
President, Chief Executive Officer and Director of the Washington
Companies ("WashCo"), commented, "On behalf of the Board of
Directors of Seaspan, we are pleased to have someone of
David Sokol's calibre serve as
Chairman, providing leadership through the transition and
overseeing the Company's future growth and success. As the
Company's largest shareholder, WashCo is excited to continue
working with David and the management team to create long- term
shareholder value."
Mr. Wang commented, "I am extremely proud of Seaspan's
accomplishments and its unsurpassed industry position. It has been
a fun and challenging journey for the past 20 years. I am choosing
this timing because the Company's financial and operational
position is strong and industry fundamentals have improved. I would
like to thank the Washington family for its unwavering support of
Seaspan over the years, in particular during the 2008 financial
crisis with the $180 million series A
preferred equity investment. I would also like to thank the
Company's dedicated employees for making Seaspan the first choice
among customers and the source of our success. I also thank
our many investors and capital providers including banks for their
ongoing partnership with our company. It has been my honor serving
as Seaspan's CEO since the company was founded, and I wish everyone
the best in the future. Finally I would like to thank my wife and
family for all the support they have provided me."
Mr. Sokol currently serves as a Director of WashCo. Over Mr.
Sokol's 38-year career he has founded three companies, taken three
companies public, chaired five corporate boards and over a dozen
charitable or community boards. As Chairman and CEO of MidAmerican
Energy Holdings Company, he sold the company to Berkshire Hathaway,
Inc. in 2000. Mr. Sokol continued with Berkshire Hathaway until he
retired in March 2011 in order to
manage his family business investments.
WashCo, through its affiliates Deep Water Holdings, LLC and
Copper Lion, Inc., is Seaspan's founding shareholder and largest
shareholder today. The Washington Companies were founded by
industrialist and entrepreneur Dennis R. Washington and
are privately held companies active in the core industries of rail
and marine transportation, mining, aviation, environmental
remediation and restoration services, and heavy equipment sales and
service.
About Seaspan
Seaspan provides many of the world's major shipping lines
with creative outsourcing alternatives to vessel ownership by
offering long-term leases on large, modern containerships combined
with industry leading ship management services.
Seaspan's managed fleet consists of 114 containerships
representing a total capacity of over 915,000 TEU, including 9
newbuilding containerships on order scheduled for delivery
to Seaspan and third parties by the end of 2018.
Seaspan's current operating fleet of 89 vessels has an average
age of approximately six years and average remaining lease period
of approximately four years, on a TEU weighted basis.
Seaspan has the following securities listed on The New York
Stock Exchange:
Symbol:
|
Description:
|
|
|
SSW
|
Class A common
shares
|
SSW PR D
|
Series D preferred
shares
|
SSW PR E
|
Series E preferred
shares
|
SSW PR G
|
Series G preferred
shares
|
SSW PR H
|
Series H preferred
shares
|
SSWN
|
6.375% senior
unsecured notes due 2019
|
For Investor Relations Inquiries:
Mr. David
Spivak
Chief Financial Officer
Tel. 604-638-2580
Mr. Michael
Sieffert
Director, Corporate Finance
Seaspan Corporation
Tel. 778-328-6490
For Media Inquiries:
Mr. Leon
Berman
The IGB Group
Tel. 212-477-8438
SOURCE Seaspan Corporation