Generational Leadership Changes at Fleet Management and LR OneOcean

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Published Feb 22, 2024 4:30 PM by The Maritime Executive


Two well-known names in maritime are entering a new phase with the selection and appointment of new top leadership. 

Fleet Management Limited, the world’s largest third-party ship management company, is searching for a new managing director after the announcement of the departure of longtime leader Dr. Kishore Rajvanshy. 

Dr. Rajvanshy has served as the firm's managing director since its founding three decades ago. He is transitioning from his current role and a global search for a new managing director is under way. 

Angad Banga, COO of parent company Caravel Group and current Chairman of the Hong Kong Shipowners Association, will co-lead Fleet with Dr Rajvanshy in the interim. 

“As I prepare to pass the baton to the next generation, I am confident that the company's future is bright and that it will continue to set industry standards for years to come. This is a landmark strategic move to mark our 30th anniversary year, to build on our rock-solid foundations and take the company to the next level," said Rajvanshy. 

"I am driven to build on the robust legacy established by my father, Dr Harry Banga, and Dr Rajvanshy, in working with our colleagues, partners and investing in FLEET to meet our clients’ needs now and into the future, " Mr Banga said. 

Martin Penney to lead LR’s digital solutions platform

At Lloyd's Register's OneOcean Division, Martin Penney has been selected to take over as CEO from Martin Taylor, who is retiring. Penney was previously the CEO of the marine software SpecTec, and he joined LR on Monday. 

"LR is delighted to welcome Martin Penney to the team as LR OneOcean embarks on the next stage of its growth," said LR CEO Nick Brown. "We are confident that his extensive industry experience will contribute to LR OneOcean’s ongoing success."

LR acquired OneOcean its digital solution platform in June 2022. The service provides real-time navigation, performance and compliance insight, and is currently used on over 22,000 ships.

Taylor started OneOcean in 2010 as a company of less than 100 people distributing paper charts, and he grew it into an established digital solutions provider before the successful acquisition by LR.