Resignation of a Board Member
Wendy Teramoto has resigned from the Board of Directors (the “Board”) of Navigator Holdings Ltd. (the “Company”). Ms. Teramoto’s decision to resign did not arise or result from any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.
Appointment of a Board Member
The Board has appointed Harold L (Hal) Malone to serve as a Director on the Board until the Company’s 2017 annual meeting of shareholders.
Mr. Malone is the Head of Transportation at WL Ross & Co and replaces Ms. Teramoto, who served on the Board as a nominee of WL
Ross & Co. LLC. Prior to joining WL Ross & Co, Mr. Malone served as the chief strategic officer of the Navig8 Group, a fully integrated provider of shipping management services and the world’s largest independent pool and commercial management company. Previously, he was an investment banker focused on the transportation and energy sectors, most recently as a managing director in the maritime group at Jefferies LLC.
Pursuant to our amended and restated Investor Rights Agreement with WL Ross & Co. LLC and certain of its affiliates, dated November 5, 2013, subject to certain exceptions, WL Ross & Co. LLC and certain of its affiliated investment funds owning shares of our common stock (the “WLR Group”) have the right to designate up to two individuals to be nominated to our Board under certain circumstances. Mr. Malone is a designee of the WLR Group.