Fleet Management Managing Director Rajvanshy Steps Down

Dr. Kishore Rajvanshy is stepping down after three decades as managing director of Fleet Management Limited (FLEET), currently the world’s largest third-party ship management company.

FLEET announced it has begun implementing a phased succession plan as Rajvanshy transitions from his current role, with a global search for a new managing director underway.

As part of this transition, Angad Banga, the chief operating officer of FLEET’s parent company, The Caravel Group, will co-lead FLEET with Rajvanshy – where Rajvanshy will continue to manage the technical, seafarer personnel, quality, health, safety and environmental departments, and Banga will oversee all other divisions.

Dr. Harry Banga, chairman and CEO of The Caravel Group, said, “Under Dr. Rajvanshy’s leadership, FLEET has thrived, achieving significant year-on-year growth while steadfastly upholding our core values of family, entrepreneurship, partnership and integrity, and driving our focus on safety, quality, operational excellence and efficiency, and innovation.”

“Our success is a testament to our valued clients, partners, and highly skilled and dedicated seafarers and employees, who remain the pillars of our past achievements and the impetus for our next chapter of growth.”

“As we celebrate our 30th anniversary, we are steering toward a horizon filled with new opportunities, bolstered by a legacy of excellence and a commitment to technology and innovation. Our ship is set for the future, guided by the lessons of the past and the optimism for what lies ahead.”

“During the transition, we will remain squarely and resolutely committed to the delivery of industry-leading service to our customers, partners, seafarers and all of those who rely on us. Our succession planning and transitional steps have been designed to ensure there are no interruptions to service levels.”

Rajvanshy said, “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.”

Angad Banga will co-lead FLEET during the transition period and oversee the new management team. He joined his father at The Caravel Group a decade ago, is the current Chairman of the Hong Kong Shipowners Association and rotational Chairman of the Asian Shipowners Association, and has served actively as a FLEET board director for a number of years.

“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,” Banga said.

“Our company stands at the intersection of tradition and innovation. Leading our extraordinary team is a privilege, and we stand poised to continue to lead safety standards, embrace innovation and pursue new opportunities to serve our clients and the broader industry.”