Hearne steps down from Braemar chair

Hearne is stepping down after joining the board in 1999 and embarking on a 12-year chairmanship in 2002, which included steering the company through the merger with Seascope and the recent merger with ACM.

After thanking the friends and colleagues he has made during his chairmanship, Hearne commented: "I am delighted that David Moorhouse has agreed to succeed me as chairman. David has long experience serving on the boards of public and private companies in the shipping and energy fields, most recently as chairman of Lloyds Register."

In his review of the company's 2014 performance, chief executive James Kidwell said: "I would like to express my thanks to Sir Graham Hearne for his chairmanship of the board.

"He played a key role in the merger of Braemar with Seascope, oversaw the diversification of strategy and most recently the merger of Braemar with ACM. His contribution to Braemar has been immense and we have been very fortunate to benefit from his incisive wisdom and vast experience over the years."

Kidwell added that he looks forward to working to Moorhouse, and a board which has been reorganised and downsized.