February 17, 2004
CP Ships announces succession plan
Ray Miles, CEO of CP Ships Limited, will become Chairman succeeding Lord Weir after the Annual Meeting on May 4, 2004. Frank Halliwell, who is currently Chief Operating Officer, will step up to become Chief Executive Officer.
Lord Weir, the current Chairman, and John McNeil, Chairman of the Audit Committee, reach 70 years of age this year and subject to shareholder approval will stay on the Board for a further year.
Ian Webber will continue as CFO.
Ray Miles, who will be 60 this year, has been CEO since 1988. Frank Halliwell joined as his deputy in 1991 and they have together led the growth in CP Ships from a single trade lane carrying 100,000 TEU per year to last year's 2.2 million TEU, executing nine acquisitions and taking the company public in 2001 by listing on the Toronto and New York stock exchanges.
It is intended that Ray Miles will work on average two to three days a week. He will be particularly involved in providing strategic direction and leading investor relations.
Frank Halliwell, who is 55 years old, has been responsible for the successful integration of CP Ships' acquisitions. As part of the succession plan, he has assumed increasing responsibility over the last several years and already manages the day-to-day operations of the business.
Under corporate governance practice, Ray Miles will not be considered an independent director. Therefore, Lord Weir will be appointed Lead Director from May. There will remain six independent directors on a Board of nine. John McNeil will continue to chair the Audit Committee, Lord Weir the Compensation Committee and Peter Dey the Corporate Governance Committee.
This summer the corporate headquarters of CP Ships will move from London's Trafalgar Square to new offices at Gatwick near London where all of the UK management activities will now be consolidated. Frank Halliwell will in due course be based mainly at Gatwick, along with Ian Webber. Most of the functions currently managed from Tampa, Florida will remain there.
CP Ships operates 35 container services in 22 trade lanes, most of which are served by two or more of its seven brands: ANZDL, Canada Maritime, Cast, Contship Containerlines, Italia Line, Lykes Lines and TMM Lines. CP Ships has a fleet of 80 ships and 443,000 TEU in containers.