Seaspan Corporation has announced that it is continuing discussions about the contract of the company’s chief executive officer and co-founder Gerry Wang, and expects to conclude discussions before the end of this month.
In May 2016, Gerry Wang entered into a new five-year employment agreement with Seaspan, effective until May 2021. Subsequently in April 2017, Seaspan and Wang amended his employment agreement to remove transaction fees and agreed that the two parties would conclude negotiations to further modify Wang’s employment and overall compensation package by June 30. Now the parties have agreed to extend the timeframe to July 31, 2017.
Wang’s contract negotiations come in the wake of another key Seaspan executive, Graham Porter, quitting earlier this year.