Rand Logistics Announces Leadership Transition

Dave Foster to Retire; Former Andrie Chairman and Rand Board Member Greg Binion Appointed Interim CEO

Company Adds Leading Transportation Executive Dave Barger to Board

WILLIAMSVILLE, N.Y., Sept. 5, 2024 /PRNewswire/ -- Rand Logistics, Inc. ("Rand"), a leading provider of bulk freight shipping in the Great Lakes region, today announced that Dave Foster has informed the Board of his decision to retire from his role as Chief Executive Officer, following a nearly 40 year career in the maritime industry, including the past four as CEO of Rand. In connection with Mr. Foster's retirement, Greg Binion, a seasoned transportation and logistics executive and most recently a Board Member of Rand, as well as the Executive Chairman of Andrie Marine, has been appointed interim Chief Executive Officer.

Mr. Binion brings over 40 years of leadership experience in the maritime and transportation industries. He joined the Rand Board upon Rand's acquisition of Andrie in July 2024. Mr. Binion will continue to serve as a member of the Rand Board alongside Chairman Wick Moorman, former President and CEO of Amtrak and CEO of Norfolk Southern, and Sarah Feinberg, former interim President of the New York City Transit Authority from 2020 to 2021 and a former Administrator of the Federal Railroad Administration. In addition to the appointment of Mr. Binion, Rand has also added transportation industry leader Dave Barger, co-founder and former CEO of JetBlue, to its Board.

"Greg is a talented executive whose extensive maritime experience helped build Andrie into one of the premier marine transporters of liquid bulk commodity goods in the Great Lakes region," said Mr. Moorman. "We are confident that his deep familiarity with Rand, expertise in the Great Lakes, and track record of operational excellence makes him the right person for this position. We look forward to continuing to benefit from his decades of experience leading teams and creating value in the maritime and transportation industries as he steps into this new role."

"I am honored to have the opportunity to guide Rand, which is one of the leading providers of bulk freight shipping services in the Great Lakes, through this next chapter," said Mr. Binion. "I have admired the company from afar for many years, and my respect for the organization has grown during my time on the Board. I am looking forward to partnering with the management team, Duration Capital, and the Board to capitalize on a range of opportunities ahead."

"It is exciting to join a Board with this level of transportation and infrastructure expertise, and to support an essential, high-quality business such as Rand that delivers for customers throughout the Great Lakes region," said Mr. Barger. "Rand's growth trajectory has been remarkable, and that's a testament to its talented and dedicated team. I look forward to working alongside Wick, Sarah, and Greg as we continue to build on this strong foundation."

About Rand Logistics
Rand Logistics, Inc. is a leading provider of bulk freight shipping services throughout the Great Lakes region. Through its subsidiaries, American Steamship Company, Andrie, Grand River Navigation, and Lower Lakes Towing, the Company operates a fleet of 28 vessels, including one conventional bulk carrier, 20 self-unloading bulk carriers, and seven liquid-product vessels. The Company is the only carrier able to offer significant domestic port to port services in both Canada and the U.S. on the Great Lakes. The Company's vessels operate under the U.S. Jones Act which reserves domestic waterborne commerce to vessels that are U.S. owned, built and crewed and the Canada Coasting Trade Act which reserves domestic waterborne commerce to Canadian registered and crewed vessels that operate between Canadian ports. For additional information, please visit: https://www.randlog.com/.

Contact

For Rand Logistics:

Erik Carlson / Madeline Jones
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449

SOURCE Rand Logistics, Inc.