Another director has quit beleaguered First Ship Lease Trust over the appointment this September of a new cfo. Simon Davidson, a lawyer, hit out at what was described in a release at the “haste” of the appointment of Alan Mitchell to the cfo role.
Davidson follows Singapore Shipping Association chairman Esben Poulsson in quitting FSL in protest at the cfo appointment.
Splash understands the new cfo has no shipping experience and the atmosphere at the board of the trust had become toxic by the time Davidson decided to resign.
In a release to the Singapore Exchange, FSL defended its position, explaining: “In appointing the new CFO in September 2016, the Board was of the view that the position had been vacant for too long (since 1 November 2014) and that it was crucial to fill the appointment. The Board is of the view that the procedure and process followed and the terms of reference for the new CFO were appropriate.”