GTMaritime has announced that it has transitioned its business to an Employee Owned Trust (EOT), in a deal securing the future of a true shipping technology innovator.
The move to an EOT is an exciting development which is set to incentivise employees under the guidance of the management team responsible for establishing GTMaritime as a provider of secure data communications software to the shipping industry. The structure of the trust enables existing and future employees to become direct beneficiaries of the company’s continuing success.
Robert Kenworthy and Chris Morgan, the owners of GTMaritime, sold their majority stake in the company to an EOT that will hold the shares for the benefit of GTMaritime employees. Both remain on the Board of Directors as CEO and Chairman and will continue to be actively involved in the company, with no changes to the existing management structure.
Santander UK supported the owners of GTMaritime with the funding necessary to transition to an employee-owned trust.
Robert Kenworthy, CEO at GTMaritime, said: “I am delighted to announce that we have successfully completed the transition to an Employee Owned Trust. Chris and I remain fully committed to GTMaritime and we look forward to working with the team and helping to steer the company for many years to come. From the start we have tried to instil a company culture that ensures people are happy in their work environment and I strongly believe that if we look after our team, then they will look after our customers.
“The EOT aligns exactly with the inclusive and innovative culture that is the foundation on which we have built the business. It is the team providing reliable, round-the-clock support for customers who have worked so hard to achieve the GTMaritime success story; going forward, it will be the team who benefit as they take the business from strength to strength.”