Global Energy Ventures (ASX: GEV) is beefing up its board experience with the appointment of global shipping executive David Palmer as director, while founder and chairman Maurice Brand will retire at the upcoming annual general meeting.
Mr Palmer will take up a non-executive director role with Global Energy Ventures’ board bringing the company a unique blend of extensive shipping operational and investment banking capabilities.
With a Master’s in Economics from Cambridge University, Mr Palmer’s experience in the global shipping industry spans more than 40 years.
He has held previous senior executive and management roles with Swire Group, Stolt-Neilsen, IMC Pan Asia Alliance Group and Wah Kwong Maritime Transport.
Mr Palmer is currently chief financial and chief operating officer of Singapore-based Britoil Offshore Services and was also chief executive officer of Norwegian investment bank Pareto Securities Asia for 12-years.
During Mr Palmer’s time with Pareto Securities’ Asian office, more than 40 offshore and ship related transactions were completed worth a combined value exceeding US$10 billion.
Clients included major Middle East shipping groups, while transactions covered IPOs, mergers and acquisitions, private placements, vessel sales, leasebacks, purchases and vessel newbuilds.
Global Energy Ventures managing director and chief executive officer Martin Carolan said the company was “very fortunate” to have secured Mr Palmer’s “unique skillset” which will shore up its deal making capability.
“Mr Palmer has an impressive track record in shipping strategy, financing and operations, and his knowledge, experience and global network will be highly valuable to Global Energy Ventures upon his appointment.”
Meanwhile, Mr Palmer said he looked forward to helping Global Energy Ventures achieve a “world first” in the commercial shipping of compressed CNG and hydrogen.
He said the technology was “exciting” and that could see a defined path to actual operations.
Founder to retire
With Mr Palmer’s board appointment, Global Energy Ventures revealed Mr Brand’s intention to retire at the company’s upcoming AGM.
Mr Brand was instrumental in the company’s strategy to develop a bankable compressed natural gas shipping model, with this technology then applied to the compressed hydrogen carrier design.
Global Energy Ventures said Mr Brand has left a “remarkable legacy” for the company.
Commenting on his retirement, Mr Brand said he was leaving a “talented and competent” team to steer the company and now was the “right time” for him to step back.
“I will watch with considerable interest the exciting implementation stage that Global Energy Ventures is now embracing and will continue to maintain a shareholding,” Mr Brand stated.
He added he will be available to assist the board in anyway to help the company achieve its vision.