2009 Press Releases
CEO Bob Livingston Retires from Helm of Grand Banks Yachts
President Rob Livingston Appointed New Chief Executive Officer

SEATTLE, WA – March 31, 2009 – Grand Banks Yachts marked the end of an era today as Robert W. "Bob" Livingston officially retired from his role as the company's chief executive officer. He will continue to serve as chairman of the board for Grand Banks, which has traded on the Singapore Stock Exchange since 1987.

Mr. Livingston's retirement comes after 35 years as the company's CEO. He originally joined the company in 1972, when the storied boatbuilder was still known as American Marine Ltd.

"I am extremely proud of our team's accomplishments during the many years I've had the privilege to lead this company," said Bob Livingston. "We've seen a remarkable evolution as Grand Banks has transformed from a modest builder of stalwart trawlers to one of the most highly-regarded brands around the world."

The board or directors has selected Grand Banks president Robert W. "Rob" Livingston II to assume the additional duties of chief executive officer effective April 1, 2009.

"I've always believed planning for succession was a critical part of my role and, for the past two years, have been working with the board on a thoughtful succession plan," said Bob Livingston. "Through that process, Rob emerged as the right person to lead the company and I am confident in his ability to continue to drive the success of Grand Banks Yachts."

Mr. Livingston leaves the top post of Grand Banks during one of the most tumultuous periods the industry has ever faced. Such challenging circumstances, however, are not a new or novel experience for the long-time leader.

"Bob took the helm just as the boating industry was facing the oil crisis of the mid-70s," said Rob Livingston. "He steered the company through that tremendous challenge and many others over the years. It's a tribute to his leadership and his abilities that Grand Banks is in such a strong position to weather the current downturn. We are grateful that Bob will remain chairman of the board and work with the team to ensure a smooth transition and bright future."

During his long tenure, Bob Livingston guided the growth of Grand Banks' trawler-style yachts into a global icon of quality and reliability. In 1993 he oversaw the launch of the company's Eastbay Series, which pioneered the modern interpretation of the lobster boat as a swift and sophisticated Down East cruiser. And he managed a continued expansion of the Grand Banks range with the launch of its highly acclaimed Aleutian Series of luxury bluewater yachts in 2001.

"Grand Banks has a history of success and a solid foundation for growth. I am confident in the team that will lead Grand Banks into its next chapter, and its ability to fulfill the dreams of our customers," said Livingston. "I am delighted to have had this opportunity to work with such a talented group of people over the years, and to lead a great company."

About Grand Banks - Since 1956, Grand Banks Yachts, Ltd. has built yachts of superior quality that have become industry hallmarks and earned a loyal following around the world. Renowned for their handmade craftsmanship, distinctive good looks, and tried and true all-weather capabilities, Grand Banks yachts continue to be the choice of discerning boaters today. Learn more about the company and its Heritage, Eastbay, and Aleutian series yachts at grandbanks.com.

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