The Great Lakes dry-bulk shipowner
Rand Logistics has settled a proxy war with dissident investor JWest by giving it a seat on its board and by removing Laurence Levy as chief executive and chairman. .
JWest advocated for shareholders to vote the pair down and instead put Evans and the financial firm's Sean O’Connor on the board based on claims that Rand has been underperforming its peers. Independent director Michael Lundin will replace Levy as board chairman, and Levy will become executive vice president. He will also hand his chief executive job to President Edward Levy.
Ranf Logistics is on the Nasdaq and operates a fleet of 16 bulkers, self-unloaders and self-unloading barges. They are all US or Canadian-flagged and focused on trading in the Great Lakes region.
Dry Bulk Shipping News - Shipbroker Notes