Grindrod Shipping Holdings Ltd. (GRIN) Announces Changes to Management and Board

Grindrod Shipping Holdings Ltd. (NASDAQ: GRIN) today announced the following changes to our executive management and Board of Directors (the “Board”).

Effective from March 31, 2023, Mr. Stephen Griffiths will be retiring from the Company as Interim Chief Executive Officer and Chief Financial Officer after more than 13 years of service with Grindrod Shipping and its predecessors. Mr. Griffiths will also retire from his board position at the Company. Concurrently, the Board of Directors has appointed Mr. Edward Buttery as Chief Executive Officer and Mrs. Deborah Davel as Chief Financial Officer, effective April 1, 2023. Mr. Buttery will remain on the Board as an Executive Director but will relinquish his position as a Compensation and Nomination Committee (“CNC”) member.

Also effective from March 31, 2023, Mr. Quah Ban Huat and Mr. John Herholdt will be retiring as Directors of the Company in accordance with the terms of the previously announced Transaction Implementation Agreement with Taylor Maritime Investments Limited (“Taylor”). Mr. Quah will also be relinquishing his position as Chairman of the Audit and Risk Committee (“ARC”) and Mr. Herholdt will be relinquishing his position as Chairman of the CNC. In conjunction with their departures, the Board has today appointed Mr. Gordon French as an independent, Non-Executive Director and a member of the ARC. Mr. French will be appointed as the new ARC Chairman effective on April 1, 2023. Existing independent Non-Executive Director Mr. Cullen Schaar will be appointed as the new CNC Chairman effective on April 1, 2023.

Stephen Griffiths, Interim CEO and CFO of Grindrod Shipping, said, “It has been an honor and privilege to be a part of Grindrod Shipping over the last 13 years and lead the Company through its critical sales process over the last year. I would like to thank my colleagues for their hard work and consistent support over the years and believe Grindrod Shipping is well positioned for the future.”

Dr. Kurt Klemme, Chairman of the Board of Directors at Grindrod Shipping, said, “We would like to sincerely thank Steve for his leadership and we wish him the best as he relocates with his family to England in the coming months. We would also like to thank Mr. Quah and Mr. Herholdt for their services and dedication to the Company during their tenure as directors of the Company. We look forward to working with Ed and Debbie in their new respective roles as CEO and CFO and believe the Company is in good hands.”

Mr. Buttery is the Founder, Chief Executive Officer and Executive Director of Taylor and has extensive experience in the shipping and maritime finance fields over the last 17 years. Prior to Taylor, Mr. Buttery was a Chartering Manager at Pacific Basin, Deputy COO of Asia Maritime Pacific, and a member of the ship finance team at Nordea Bank.

Mrs. Davel has been with Grindrod Shipping since 2004 and was most recently General Manager of Treasury and Projects, a Director of the operating subsidiary of Grindrod Shipping, and a member of the executive committee of the Company since 2020. Prior to Grindrod, Mrs. Davel was the Project Accountant for a technology company, Intervid International, and Group Accountant for software company Keystone Solutions Group PLC in London. Mrs. Davel qualified as a Chartered Accountant (South Africa) in 1997 and completed her articles at KPMG.

Mr. French was the Head of Global Banking and Markets for Asia-Pacific at HSBC and is based in Hong Kong responsible for all Global Banking and Market’s businesses in the region: Global Banking, Global Markets, Securities Services, Global Liquidity and Cash Management and Balance Sheet Management. He represented HSBC on various regulatory and exchange committees. He was also the inaugural Chairman of HSBC Bank (Singapore) Limited from April 2016 to June 2017.

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