Chief ex­ec­u­tive to re­tire in June

The Star Early Edition - - COMPANIES -

THE CHIEF ex­ec­u­tive of Trencor would re­tire in June, the in­vest­ment hold­ing com­pany said yes­ter­day. Jimmy McQueen, a four-decade com­pany veteran, will be re­placed by part-time board mem­ber and for­mer man­ag­ing di­rec­tor of Trencor Hen­nie van der Merwe. Trencor in Novem­ber flagged it would swing into an un­spec­i­fied an­nual loss due to the ex­po­sure of its ma­rine con­tainer op­er­a­tor Tex­tainer Group Hold­ings to South Korean con­tainer car­rier, Han­jin Ship­ping Com­pany, which filed for bankruptcy pro­tec­tion last year. Tex­tainer, which re­ported a $46 mil­lion (R626m) loss in the third quar­ter, had leased 6.4 per­cent of its fleet to Han­jin, it said in Novem­ber. McQueen’s de­par­ture fol­lows the re­tire­ment of Robert Ped­er­sen, pres­i­dent and chief ex­ec­u­tive of Tex­tainer Equip­ment Man­age­ment, and Isam Kab­bani, a Tex­tainer board mem­ber. Trencor shares rose 0.5 per­cent to close at R32.30 on the JSE yes­ter­day. – Reuters

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