December 1, 2004

CP Ships CEO steps down

Frank Halliwell has resigned as CEO of CP Ships with immediate effect "due to differences with the Board on future direction of the company."

A statement from CP Ships says "he will receive appropriate compensation under the terms of his contract. "

Chairman Ray Miles has assumed executive responsibility for an interim period until a new Chief Executive is appointed. Both internal and external candidates will be considered.

The Executive Committee of Chief Financial Officer Ian Webber and Executive Vice Presidents Alan Boylan, Juan Manuel Gonzalez and Glenn Hards will report to Ray Miles.

There are no changes to CP Ships' existing structure, business, strategy or earnings outlook, says the statement.

Miles was CEO of CP Ships until last May, when former COO Halliwell was appointed to the position and Miles succeeded Lord Weir as chairman.

Miles looks like he's set for busy times. He's also a non-executive director of Stelmar Shipping and is chairing the special committee of the Stelmar Board that is looking to find a possible new buyer for that company, following shareholders' rejection of a proposed acquisition by Fortress.

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