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Trailer Bridge transitions to independent board to meet present NASDAQ rules
Trailer Bridge, Inc. announced that the majority of its board will now be comprised of independent directors. This was accomplished through the addition of Robert P. Burke as an independent director and the resignation of three non-independent directors, resulting in a seven-person board that includes four independent directors. Previously, the Company’s nine-person board included only three directors who met the present NASDAQ standards related to director independence. Trailer Bridge ceased to be a controlled entity, as defined by NASDAQ, and was mandated to have a board of directors comprised of a majority of independent members by August 2005 to remain in compliance with NASDAQ rules.Mr. Burke, 45, was most recently the CEO of Great Circle Capital, a $120 million private equity firm specializing in marine transportation investments that was funded the Overseas Private Investment Corporation, an independent developmental US government agency, and private investors. Mr. Burke, who founded the firm, recently sold his interest in Great Circle Capital. A graduate of the US Merchant Marine Academy at Kingspoint who sailed on US flag vessels for three years, Mr. Burke also earned an MBA from Columbia Business School. Prior to founding Great Circle Capital, his background included ten years in the lending sector leading to his directing the marine finance division at General Electric Capital.
Resigning as directors are Artis E. James, Jr., F. Duffield Meyercord, and William G. Gotimer, Jr., none of whom are deemed independent under the present NASDAQ rules. John D. McCown, Chairman and Chief Executive Officer of Trailer Bridge, said, “We are very pleased to have someone with Bob Burke’s judgment and record of marine business success joining our board. His insight and experience will benefit all of our shareholders. I thank Artis James and Duff Meyercord for their service as board members for eight years and three years, respectively. We’re all very appreciative of their efforts. Meanwhile, Bill Gotimer will continue to provide the advice and counsel that has benefited all of our shareholders in his central role as EVP and General Counsel, and participate in all board meetings as Corporate Secretary.”
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