MARCH 27, 2013 — Nobu Su, the owner of TMT, is stepping down as CEO and has engaged AlixPartners to help manage the restructuring and turnaround for his global shipping business, Today Makes Tomorrow (formerly Taiwan Marine Transport).
Mr. Su, a sometimes controversial figure in world shipping, hit U.S. headlines in 2010 when he brought the A Whale, a 319,869 dwt ore/oil carrier converted into a giant skimmer, to the Deepwater Horizon clean-up effort.
A statement released by TMT today says: "AlixPartners were responsible for the largest industrial restructuring in history at General Motors. The firm also has deep experience in the maritime industry. The AlixPartners team are already working with the senior management of TMT and will be meeting with TMT investors in Taiwan in the next seven days."
Mr. Su said, "I am very confident that the shipping experts of AlixPartners who are now working with us at TMT can help us quickly bring in the efficiencies and discipline that I and my investors require to ensure that TMT has a successful future."
Ms. Lisa Donahue, managing director at AlixPartners and co-lead of the firm's Turnaround & Restructuring Services unit, said, "Given TMT's modern fleet and Mr. Su's and the company's active commitment, we're hopeful that a turnaround of the company can be accomplished in a timely fashion."
Mr. Su is also looking to strengthen his Executive Management team. As part of the restructuring TMT will appoint a new CEO with significant international industry experience with Mr. Su assuming the role of Executive Chairman.
Mr. Su said, "In today's dynamic market place I want to ensure that we have the best executive team to secure the future of TMT's core business. As well as the appointment of a new CEO, the company plans to bring in other expertise, particularly in the energy field which is a new and important growth area for the company."
The aim of TMT is to resolve all of its current outstanding issues by the end of April so that the new business plan can be implemented and unimpeded.