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Liverpool Shipping Tycoon Sir Michael Bibby is Standing Down after 26 years

Published in Oil Industry News on Monday, 12 February 2018


Graphic for News Item: Liverpool Shipping Tycoon Sir Michael Bibby is Standing Down after 26 years

Shipping and Costcutter tycoon Sir Michael Bibby is standing down from his billion-pound 211-year-old family business, the ECHO can reveal.

Millionaire baronet Sir Michael is the sixth generation of his family to run the Bibby Line Group, which today has investments in areas from shipping lines to corner shops and financial services.

Now Sir Michael is planning to step back as managing director before the end of the year, giving plenty of time for a successor to be hired.

The £1.2bn Bibby group is best known for its shipping line, which still ships oil and other cargoes around the world.

But it also owns Costcutter Supermarkets Group, whose members between them run more than 2,600 convenience stores across the UK. Costcutter brands also include Mace and Simply Fresh.

Other businesses include Bibby Financial Services and warehouse and transport firm Bibby Distribution.

The Bibby group was founded in 1807 by John Bibby, who became one of Liverpool’s most influential businessman but was murdered in a still-unsolved attack on July, 1840.

Sir Michael grew up with the family business but didn’t join it straight away, instead qualifying as a chartered accountant before going on to work for Unilever.

He joined the family firm in 1992 as finance director of Bibby Line, eventually becoming group MD in 2000.

Sir Michael is also heavily involved with the Princes Trust and with Mersey Maritime, which represents the local shipping industry.

In January the group announced it was leaving the oil and gas sector. Aberdeen-based Bibby Offshore, which works in the North Sea oil fields, was split off from the parent Bibby Line Group to become a standalone business.

In November, following the collapse of wholesale firm Palmer & Harvey, Costcutter announced a massive new deal with Co-op to keeps its stores supplied with goods.

Sir Michael, 54, will stay on the Bibby board as a non-executive director once he leaves as MD.

Liverpool shipping and Costcutter tycoon Sir Michael Bibby is standing down after 26 years

Shipping and Costcutter tycoon Sir Michael Bibby is standing down from his billion-pound 211-year-old family business, the ECHO can reveal.

Millionaire baronet Sir Michael is the sixth generation of his family to run the Bibby Line Group, which today has investments in areas from shipping lines to corner shops and financial services.

Now Sir Michael is planning to step back as managing director before the end of the year, giving plenty of time for a successor to be hired.

The £1.2bn Bibby group is best known for its shipping line, which still ships oil and other cargoes around the world.

But it also owns Costcutter Supermarkets Group, whose members between them run more than 2,600 convenience stores across the UK. Costcutter brands also include Mace and Simply Fresh.

Other businesses include Bibby Financial Services and warehouse and transport firm Bibby Distribution.

The Bibby group was founded in 1807 by John Bibby, who became one of Liverpool’s most influential businessman but was murdered in a still-unsolved attack on July, 1840.

Sir Michael grew up with the family business but didn’t join it straight away, instead qualifying as a chartered accountant before going on to work for Unilever.

He joined the family firm in 1992 as finance director of Bibby Line, eventually becoming group MD in 2000.

Sir Michael is also heavily involved with the Princes Trust and with Mersey Maritime, which represents the local shipping industry.

In January the group announced it was leaving the oil and gas sector. Aberdeen-based Bibby Offshore, which works in the North Sea oil fields, was split off from the parent Bibby Line Group to become a standalone business.

In November, following the collapse of wholesale firm Palmer & Harvey, Costcutter announced a massive new deal with Co-op to keeps its stores supplied with goods.

Sir Michael, 54, will stay on the Bibby board as a non-executive director once he leaves as MD.

It won’t be the first time the group has been led by a non-family member. Sir Michael himself succeeded Simon Sherrard as group MD.

And the door is still open for younger Bibby family members to one day rejoin the family business.

Sir Michael’s grandfather, Sir Harold Bibby, was made a baronet in 1959. Sir Michael inherited the title after his father Sir Derek died in 2002.

In a statement, the group said: “Stepping back from this role has been part of Sir Michael’s long-term plans since he evolved the Group’s structure in 2012.

“With the group on sound strategic footing and moving into a new phase of growth and investment, it is the ideal time to appoint a new CEO to lead the business forward.

“Sir Michael will continue in his post until the new CEO has been selected, a process which we expect to be completed by the end of 2018. The Group will continue to benefit from his wealth of knowledge, expertise and experience in the longer term, alongside our other non-executive directors.

“The move will also allow Sir Michael to devote more time to his external work interests and he intends to take up number of roles that are close to his heart. He is due to be inaugurated as President of the of the UK Chamber of Shipping in March 2018.”

Source: brinkwire.com

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North Sea Oil and Gas, Norwegian Oil and Gas, Aberdeen Oil and Gas, Bibby Oil and Gas, Oil and Gas News








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