May 9, 2005
Nigel Rich to be CP Ships Chairman
The Board of CP Ships Limited says that it intends to appoint Nigel Rich as non-executive Chairman. It also confirmed that Ray Miles will continue to exercise overall executive responsibility as acting Chief Executive Officer until the appointment of a new CEO.
"I am delighted that Nigel has agreed to become Chairman. We will benefit greatly from his experience." said Ray Miles. "And I will support him and the company fully until I step down as a director of CP Ships after a new CEO is on board."
Nigel Rich has been a non-executive director of CP Ships since it was publicly listed in 2001 and is currently Chairman of Exel, the UK-listed global logistics business. He is also a director of Pacific Assets Trust and was formerly Chairman of Hamptons Group, a real estate services company, and has previously been a director of Granada and Harvey Nichols. He spent 20 years with the Jardine Matheson group in Asia and was its CEO from 1989 to 1994.
Ray Miles was CEO of CP Ships from 1988 to May 2004 when he became Chairman, but resumed executive responsibility in December 2004 when his successor as CEO, Frank Halliwell, resigned "due to differences with the Board on future direction of the company."
Miles will chair the May 10 Annual Meeting of Shareholders in Toronto.