Robert Sappio, who has been leading Rickmers-Linie (America) since September 2012, will step down as president and CEO on the same date. He will remain connected to Rickmers-Linie as a board member of Rickmers-Linie (America).

　　Ulrich Ulrichs, CEO of Rickmers-Linie, said in a written statement regarding Sappio: “Bob’s leadership over the last two years has helped to better position our company for the future in the Americas. We are happy he will remain connected to the company in a board role.”

　　Before joining Rickmers-Linie, Poulsen was director and country manager of Safmarine in Houston, responsible for activities in the Americas region of Safmarine, a subsidiary of Maersk Group.

　　“We are looking forward to Val Poulsen joining our team,” Ulrichs said. “He brings a wealth of experience from Maersk Line and Safmarine to his new role as president and CEO of Rickmers-Linie (America). I am confident that Mr. Poulsen will be a valuable asset to the Rickmers organization.”

　　Ulrichs, who has more than 15 years of shipping experience, was promoted to CEO of Rickmers-Linie on May 1 from his previous role as chief operating officer. He replaced Rüdiger Gerhardt, who was appointed chief administrative officer of the company.

　　Ron Widdows, the high-profile U.S. CEO of Hamburg, Germany-based Rickmers Group, stepped down from his post on May 1 and was replaced by the deputy CEO Ignace Van Meenan. Widdows, a former CEO of Singapore’s Neptune Orient Lines, joined the advisory board of Rickmers Holding and retained his role on the board of A.R. Investments, a joint venture with Apollo Global Management, a U.S.-based private investment group.

　　Rickmers Group, which has 102 ships under management, of which it owns 59, saw revenue decline 10.7 percent in 2013 to €578.6 million (about US$798.5 million) from €648 million (about US$894.2 million) in 2012. Net income slumped to €1.5 million from €10.7 million, and earnings before interest, tax, depreciation and amortization shrunk to €191.8 million from €274.6 million as “the ongoing pressure in the shipping market impacted all three business segments.”