Graham Porter has quit Seaspan, the giant containership leasor he founded with Gerry Wang. He will now focus on his own business interests and charity work. Last month he sold 2m shares in the Canadian company.
Larry Simkins, president and CEO of the Washington Companies, the key backer behind Seaspan, will join Seaspan’s board of directors as Porter’s replacement. The board is also set to expand from eight to nine members with the additional appointment of David Sokol, another director at Washington.
Simkins commented, ” Seaspan has created an unsurpassed containership leasing platform, and I … am encouraged by signs of a market recovery. I look forward to working closely with Gerry, who I have known for a long time and is a pioneer in the industry, as well as the full board to build on the company’s successes and create sustainable value for shareholders.”
Seaspan and Gerry Wang have agreed in principle to amend his employment agreement to remove transaction fees and enter into discussions in regard to further amendments to his employment agreement and compensation package.
In a release, Seaspan said it may, from time to time, engage Porter to provide advisory services on specific transactions.
Sources close to Porter, 46, tell Splash the last 18 months have seen him working extraordinary hours with the demise of Hanjin as well as a failed M&A bid, and he was questioning his time split between Seaspan and his own firm, Tiger Group Investments.