GLOBAL Energy Ventures’ founder and chairman Maurice Brand announced he would retire at the company’s next annual general meeting on 25 November.

The ASX-listed company is developing shipping systems for transporting energy to regional markets. It is developing a large-scale compressed hydrogen ship.

A statement from the company said Mr Brand had been instrumental in the development of GEV’s strategy to develop a bankable compressed natural gas shipping model.

In conjunction with Mr Brand’s retirement, the company announced the appointment of David Palmer as an independent, non-executive director, effective 1 November. He will seek re-election at the coming AGM and, subject to re-election, will continue as non-executive director.

Mr Brand said having been an ASX-listed company director for more than 30 years, and with such a talented and competent leadership team in place, the time is right to retire.

“I will watch with considerable interest the exciting implementation stage that GEV is now embracing and will continue to maintain a shareholding,” he said.

“I am very confident that I will see the construction of the first compressed gas and hydrogen ship in the near term. I wish executive directors Martin and Garry and directors Andrew and David all the best and will continue to be available to assists an any way to achieve the GEV vision.”

GEV managing director and CEO Martin Carolan thanked Mr Brand and extended his best wishes to the retiring founder.

“Maurice is one of the true entrepreneurs who has not let someone with an opposite view distract him or change his positive spirit in business and life in general. We wish him the very best in retirement and look forward to his ongoing support as a shareholder,” Mr Carolan said.

“I would also like to welcome David Palmer to the team at GEV. We are very fortunate to have secured David’s unique skillset that brings extensive deal making capability to the company. David has an impressive track record in shipping strategy, financing and operations, and his knowledge, experience and global network will be highly valuable to GEV upon his appointment.”

Mr Palmer, commenting on his appointment, said, “I look forward to helping GEV achieve a world first in the commercial shipping of compressed CNG and hydrogen. The technology involved is exciting and I see a defined path to actual operations”.

Mr Palmer holds a master’s degree in economics from Cambridge University and has extensive experience in the global shipping industry. In his career of more than 40 years, he has held senior executive and management positions with the Swire Group, Stolt-Nielsen, IMC Pan Asia Alliance Group and Wah Kwong Maritime Transport.