Fisher (James) & Sons PLC
26 September 2001
26 September 2001
David Cobb to retire as Executive Chairman of James Fisher
Tim Harris Appointed Chairman Designate
James Fisher and Sons Public Limited Company announces that David B Cobb, CBE,
65, executive chairman, is to retire from the Company on 31 December 2001.
The board is pleased to announce that Tim Harris, 54, has joined the board as
a non-executive director and chairman designate with immediate effect. He
will become non-executive chairman on 1 January 2002. Mr Harris was
previously an executive director of Peninsular and Oriental Steam Navigation
Company and chief executive of P&O Nedlloyd Limited until May last year. He
spent 25 years with P&O, has also been a director of P&O Bulk Shipping and
like Mr Cobb is a past president of the UK Chamber of Shipping.
Commenting, Mr Cobb said: 'I have greatly enjoyed my time at James Fisher. I
am pleased to be announcing my intention to retire at this time, against the
recent background of an excellent set of interim results. These demonstrate
the fundamental strength of the Company and the hard work and commitment of
each and every one of its employees.'
Mr. Harris said: 'James Fisher is a highly respected company with a long
history in British shipping. I look forward to my return to the UK shipping
industry and to working with the directors and employees to develop the
company further and to provide added value for shareholders.'
Mr Cobb is currently Renter Warden of the Worshipful Company of Shipwrights,
joined James Fisher in 1994. During his seven year tenure as chairman he has
contributed significantly to the development of the company. The acquisition
under his leadership of P&O Tankships in 1996 resulted in James Fisher
becoming one of the leading short sea clean product tanker operators in
Europe. With the addition of two new cable layers to the one already owned,
all with substantial time charter contracts in place, the company has
developed its offshore activities and diversified its earnings base. Mr Cobb
has also overseen a fundamental restructuring of the business including the
withdrawal from unprofitable port activities and a phased exit from peripheral
dry cargo activities.
Press Enquiries:
David B Cobb, CBE Tim Harris
Executive Chairman Chairman Designate
James Fisher and Sons Public Limited James Fisher and Sons Public Limited
Company Company
Tel: 020 7338 5808 Tel: 07831 273234
Issued on behalf of James Fisher and Sons Public Limited Company by Tavistock
Communications Limited (Contact: Keith Payne, tel: 020 7600 2288)
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