The 29-year-old Mr. Courson replaces David Spivak effective May 5, the New York-listed company said in a press release. “I am highly confident that Ryan has the skill set and expertise to make an immediate and significant impact on Seaspan’s finance division as well as the company’s overall success,” said Bing Chen, Seaspan’s chief executive, in a statement. Seaspan recently bought out the controlling shares of Greater China Intermodal Investments LLC, a China-based joint venture, from private-equity firm Carlyle Group. The $450 million deal netted the ship-leasing giant a bigger share of a charter market that is benefiting from the recovery of the broader shipping industry. The rebound from a multiyear down-cycle has sparked a round of consolidation by ship operators, cutting the ranks of market’s 20-biggest companies by more than half. Seaspan sees a similar opportunity among lessor companies, Mr. Courson told CFO Journal. “I think there are a lot of opportunities within the maritime space and that Seaspan as a firm is well positioned to capitalize on those opportunities,” Mr. Courson said. “We believe the lessor market will consolidate and we believe that we will drive that consolidation,” he added. The company currently holds the leading market share at 8%. Mr. Courson’s youth makes him an unlikely CFO candidate as most publicly traded companies hire older executives with more operating experience. The average age of a finance chief in the top 1,000 U.S. companies is 52 years old, according to Korn/Ferry International, an executive recruiting firm. The average age of someone starting a CFO role is 51. “Seaspan is basically a rental company,” said Simon Heaney, research director at the London-based Drewry Shipping Consultants Ltd. An incoming CFO “just needs to be able to make sure that they have the right type of ship and the right size of ship that are attractive to their customer base. I don’t see why age should be a barrier.” Some sectors, such as technology, are known for placing younger executives in key roles, said Ted Bililies, chief talent officer at AlixPartners LLP, a global consulting firm. But young executive are more unusual for supply chain industries where there is a greater emphasis on operational experience, he added. The risk of a “young hire” in a senior position is “they lack the experience base,” Mr. Bililies said. Younger executives often have an ease with technology and are creative, but ultimately a match must be made between a company’s culture and a job candidate, no matter the executive’s age, he said. A good fit will ensure “they will build relationships within the company and gain acceptance,” he said. Mr. Courson said his professional focus on industrial companies over the past decade has prepared him for the position. Mr. Courson joined Seaspan in March as senior vice president of corporate development. Previously he spent three years at Falcon Edge Capital, an investment firm with more than $3 billion in assets under management. “Everyday you wake up and make capital allocation decisions,” Mr. Courson said, adding that directing the investment of a “significant” amount of money has prepared him for the responsibility of allocating capital as a CFO. “I’ve been very, very fortunate to be exposed to a number of unique and challenging professional opportunities and a big part of that has been strong mentors, strong advocates as well as hard work,” Mr. Courson said. Among his biggest professional supporters is Seaspan Chairman David Sokol, once viewed as a potential successor to Warren Buffett, chief executive of Berkshire Hathaway Inc. Mr. Courson began his career at Berkshire Hathaway. Mr. Courson’s age will also help buck the trend in the wider shipping industry. “Historically shipping has been an old man’s game but that has been reversed of late. I think shipping is catching up with mainstream industries,” said Mr. Heaney of Drewry Shipping Consultants. Write to Ezequiel Minaya at ezequiel.minaya@wsj.com Copyright ©2019 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
Canadian ship-leasing giant Seaspan has appointed David Spivak as the company's CFO, replacing Ryan Courson from 5 May. Courson joined the company from Falcon Edge Capital in March, as senior VP of corporate development. Seaspan recently acquired a controlling interest in Greater China Intermodal Investments for $450m, a deal which, according to Courson, is one of several consolidation opportunities.