Marine Log

March 21, 2006

Sherwood retires from Sea Containers

Sea Containers Ltd. says that its founder and Chairman, James B Sherwood, has retired from the company's board and all subsidiaries and affiliates of the company with effect from March 20, 2006.

Sherwood, 72, founded Sea Containers in 1965 and served as president and CEO until October, 2005 when he was hospitalized. He assumed the chair upon his return to work in December, 2005 and played an active role in recruiting a new president and CEO, Robert MacKenzie, who joined at the beginning of January 2006.

Since then, Sherwood sought to arrange a smooth transition of duties to MacKenzie, a process that, says Sea Containers, is now complete.

In announcing his retirement Sherwood said "It is, of course, difficult for me to sever links with the company I founded and managed for so many years. I also serve as Chairman in an executive capacity of Orient-Express Hotels Ltd., a company which formerly was a subsidiary of Sea Containers. In November, 2005 Sea Containers successfully sold its remaining 25% shareholding in Orient-Express Hotels which has necessitated a complete separation of the two companies. The demands on my time from Orient-Express Hotels have been increasing as that company rapidly expands, and it became clear that I could not continue to serve both it and Sea Containers effectively, especially in light of my age and health."

"Sea Containers faces a number of challenges at present," said Sherwood, "and I have found the demands on the chairmanship to be heavy, reinforcing my decision to step down. Mr Robert M Riggs, 72, a director of Sea Containers for 30 years, has agreed to assume the chair in my place. He has served on the board of managers of GE SeaCo, the company's joint venture with GE Capital, for a number of years. Mr Riggs has had a long career as partner in the respected Wall Street legal firm of Carter, Ledyard & Milburn".

Sherwood said that another reason for his decision to step down was that the new management team was bound to have different views on the conduct of the company's affairs and he wanted to ensure they had free rein to solve problems and grow the business.