Navigator Holdings Ltd. Announces Dr. Henry “Harry” Deans Stepping Down as CEO

Rhea-AI Summary

Navigator Holdings Ltd. (NYSE: NVGS) announces the resignation of Dr. Henry Deans as CEO and Board member, effective October 28, 2021. Dr. Deans, who served since August 2019, played a pivotal role in merging Navigator with Ultragas, expanding the fleet to 55 vessels. The company is initiating a search for his successor while interim leadership will be provided by key executives including CFO Niall Nolan and CCO Oeyvind Lindeman. Navigator operates one of the largest fleets of liquefied gas carriers, facilitating vital supply chains for energy and industrial sectors.

Positive

• Successfully merged with Ultragas, expanding fleet to 55 vessels.
• Continues to operate the world's largest fleet of handysize liquefied gas carriers.

Negative

• Transition in leadership may cause uncertainty among investors.
• Dr. Deans' departure leaves a gap in leadership experience at a critical time.

LONDON and NEW YORK, Oct. 28, 2021 (GLOBE NEWSWIRE) -- Navigator Holdings Ltd. (“Navigator” / the “Company”) (NYSE: NVGS), a leading provider of seaborne transportation and distribution of liquified gases, announces that Dr. Henry “Harry” Deans has given notice that he intends to step down as Navigator’s Chief Executive Officer (“CEO”) and as a member of its Board of Directors (the “Board”), effective October 28, 2021.

Dr. Deans was appointed as a member of the Board in November 2018 and became CEO in August 2019. During his tenure as CEO, Dr. Deans oversaw the merger of the fleet and business of Ultragas ApS with that of Navigator’s, growing the fleet to a total of 55 vessels.

Dag von Appen, Navigator’s Non-Executive Chairman commented:

“On behalf of the Board, I would like to thank Harry for his service and contribution to the business during his time at Navigator. We wish him all the best for his future endeavours.”

Dr. Deans, Navigator’s outgoing CEO commented:

“I’ve thoroughly enjoyed my time at Navigator and I’m glad I was at the helm to commission the ethylene terminal and successfully complete the merger with Ultragas. Now is an appropriate time for someone with a more seasoned maritime background to take the lead at the Company. I wish the Navigator team all the best for the future.”

A process to identify the successor of Dr. Deans as CEO will commence immediately. In the interim, a committee comprising existing management executives, namely, Chief Financial Officer, Niall Nolan, Chief Commercial Officer, Oeyvind Lindeman, and Michael Schröder, CEO of Ultragas ApS Denmark, Country President and Integration Officer, will lead Navigator, until such successor has joined the Company.

About Us
Navigator Holdings Ltd. is the owner and operator of the world’s largest fleet of handysize liquefied gas carriers and a global leader in the seaborne transportation services of petrochemical gases, such as ethylene and ethane, liquefied petroleum gas (“LPG”) and ammonia and owns a 50% share, through a joint venture, in an ethylene export marine terminal at Morgan’s Point, Texas on the Houston Ship Channel, USA. On August 4, 2021, Navigator announced that it merged the fleet and business activities of Ultragas ApS with its own, adding an additional 18 vessels to the fleet. The transaction unites two leading gas shipping companies. Navigator’s combined fleet now consists of 55 semi- or fully-refrigerated liquefied gas carriers, 22 of which are ethylene and ethane capable. The Company plays a vital role in the liquefied gas supply chain for energy companies, industrial consumers and commodity traders, with its sophisticated vessels providing an efficient and reliable ‘floating pipeline’ between the parties, connecting the world today, creating a sustainable tomorrow.

Our latest CSR Report can be found in Annual Reports under the Company website at www.navigatorgas.com.

Navigator Gas

Attention:	Investor Relations investorrelations@navigatorgas.com
London:	10 Bressenden Place, London, SW1E 5DH.
Tel:	+44 (0)20 7340 4850

Investor Relations / Media Advisors
Nicolas Bornozis / Paul Lampoutis
Capital Link - New York
Tel: +1-212-661-7566
Email: navigatorgas@capitallink.com

FAQ

What is the significance of Dr. Deans stepping down as CEO of NVGS?

Dr. Deans' resignation marks a leadership change that may impact company direction and investor confidence.

Who will lead Navigator Holdings while searching for a new CEO?

Key executives including CFO Niall Nolan and CCO Oeyvind Lindeman will take interim leadership roles.

How will Dr. Deans' departure affect Navigator Holdings' business?

The transition may create short-term uncertainty but the company continues to operate a strong fleet.

When did Dr. Deans become CEO of NVGS?

Dr. Deans became CEO of Navigator Holdings in August 2019.