Halliwell resigns as CEO of CP Ships
CP Ships said chief executive officer Frank Halliwell has resigned, effective immediately.
The Canadian-registered company said Halliwell’s resignation, after only seven months as the head of CP Ships, was “due to differences with the board on future direction of the company.”
CP Ships has seen its stock price languish after the company admitted last August it had overstated its profits in 2002, 2003 and in the first quarter of 2004.
Elizabeth Canna, spokeswoman for CP Ships, said Halliwell’s resignation is not related to the restatement of the company’s accounts announced during the summer.
Ray Miles, former CEO of CP Ships who had become its chairman, will assume executive responsibility for an interim period until a new CEO is appointed. Both internal and external candidates will be considered, the company said.
“There are no changes to CP Ships’ existing structure, business, strategy or earnings outlook,” CP Ships said.
Halliwell joined Miles at Canada Maritime as his deputy in 1991, and they have together led the growth of CP Ships from a small operation carrying 100,000 TEUs a year to last year’s 2.2-million TEU volume. Over that period, CP Ships carried out nine acquisitions and its management took the company public in 2001 on the Toronto and New York stock exchanges.
Halliwell was appointed executive vice president of CP Ships in 1995, chief operating officer in 2001 and CEO earlier this year. Before joining CP Ships, he worked for Mercer Management Consultants and Barber Blue Sea.
Halliwell resigns as CEO of CP Ships
