June 22 - Alfred (Al) JV Stanley has joined Intermarine; replacing Andre Grikitis as president and chief executive officer, who will now assume the role of operating chairman.

Interestingly, given the recent news of attempted takeovers within the industry (including the embittered battle for control of Fairstar) Grikitis' noted that: "Although the global shipping industry has experienced a difficult downturn, we believe there are clear opportunities for consolidation, growth and expansion. As we pursue those opportunities, Al's leadership, and operating and investing skills, are an excellent complement to our existing team."

He added: "This is a great opportunity for Intermarine to continue strengthening its leadership team and business momentum. Al has a unique balance of both operating and private equity experience. Given his proven record of growing companies and delivering operating results, the board of directors and I are very confident in Al's ability to lead Intermarine as we continue to expand our global position."

Stanley brings extensive operating and investment experience to his new role with Intermarine. Most recently he was a Partner at Morgenthaler Partners (USD3 billion assets under management), where he successfully invested in growth oriented buy-out investments in logistics, distribution and industrial technologies.

Prior to joining Morgenthaler in 2004, Stanley served as president and CEO of GE Insurance Solutions' Global Life & Health Reinsurance Unit, executive vice president and chief operations officer of GE Insurance Solutions (formerly Employers Reinsurance Corp), and chairman and ceo, GE International - Mexico. 

Stanley said: "I look forward to working with the talented Intermarine team as we build and expand on their impressive capabilities of providing outstanding service to our valued network of customers."

www.intermarineusa.com

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