Seaspan names banker-accountant Bing Chen as its new CEO

HONG KONG's New York-listed ship lessor Seaspan has named banker-accountant Bing Chen as its chief executive officer in January after company co-founder Gerry Wang steps down this Friday, November 3.

Upon Mr Wang's retirement, vice president and chief operating officer Peter Curtis will serve as interim CEO until Mr Chen arrives, after which he will resume his current role.

Over his 25-year career Mr Chen has held executive positions in China, Europe and the United States. Most recently, he was CEO of BNP Paribas (China), where he led the bank's Chinese growth strategy.

From 2011 to 2014, Mr Chen was the general manager for Trafigura's Chinese business operations, where he maintained full profit and loss responsibility for domestic and international commodities trading in the country.

Between 2009 and 2011 Mr Chen was responsible for building the greater China investment banking practice of Houlihan Lokey as the managing director and head of Asia financial advisory.

Between 2001 and 2009, he held executive positions in Europe, including as CEO, CFO, and managing director of leasing and aircraft chartering businesses. Between 1999 and 2001 Mr Chen worked as a director, business strategy at Deutsche Bank in New York.

Mr Chen received a BS, accountancy (magna cum laude) from Bernard Baruch College and an MBA (honours) from Columbia Business School.

Said Seaspan chairman David Sokol: "Mr Chen has diverse operating and financial business experience as well as strong relationships in our key markets in Asia and Europe."

On the departure of Mr Wang, Mr Sokol said: "On behalf of the board of directors, I would like to thank Gerry Wang for his nearly 20 years of leadership and for completing an orderly transition."

Mr Wang, aged 55, is a co-founder of Seaspan and has been its CEO since May 2005. From 1986 to 1989, he served as a business manager of China Merchants Group in Hong Kong, becoming chairman emeritus.

He has a masters in international economics under the sponsorship programme of the United Nations Economic and Social Council Asia Pacific. In 1993, he obtained an MBA from the University of British Columbia in Vancouver.

Seaspan's managed fleet consists of 110 containerships representing a total capacity of 900,000 TEU, including six newbuildings on order scheduled for delivery to Seaspan and third parties by the end of 2018.

Seaspan's current operating fleet of 88 vessels, excluding the remaining 4,250-TEU class vessel which is being sold, has an average age of approximately six years and average remaining lease period of approximately five years, on a TEU weighted basis.