Additionally, Brian W. Taylor has been named Executive Vice President and Chief Operating Officer (COO), succeeding John V. Keenan, who has been granted a leave of absence. Mr. Taylor assumes the COO responsibilities in addition to his current role as Chief Commercial Officer. ''At the same time, the Board has promoted Michael T. Avara from Senior Vice President and Chief Financial Officer to Executive Vice President and Chief Financial Officer. All changes are effective March 11, 2011.
In naming Mr. Mandl and Mr. Fraser to the positions of Chairman and Chief Executive Officer, respectively, the Board has split the responsibilities of chairman and chief executive officer into two positions. Both Mr. Mandl and Mr. Fraser are members of the company's Board.'' Mr. Fraser will serve as President and Chief Executive Officer until the Board identifies a new CEO to serve on a permanent basis. 'The Board is initiating a search process and is engaging a leading executive search firm to assist in identifying candidates to serve as CEO.
"Chuck Raymond and John Keenan are highly regarded veterans of the industry and have made tremendous contributions to our company over their decades of service," said William J. Flynn, Lead Independent Director of the Horizon Lines Board of Directors.' "Both have been instrumental in the growth of the company and steered it through recent challenges presented by the global economic recession and the Department of Justice investigation.
"Horizon Lines is fortunate to have talented, committed and highly qualified directors and executives who are ready to step into these roles, and we are confident that we have the right team in place to lead the company forward," Mr. Flynn continued. "Horizon Lines is moving ahead on its current strategies and business goals, and we expect a seamless transition for our customers and for all of our stakeholders."
