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London listed shipbroker Braemar announced a leadership transition on Tuesday, with Group Chief Executive Officer James Gundy set to step down at the company’s annual general meeting on 2 July 2026, handing the reins to Chief Financial and Operating Officer Grant Foley as the firm pursues a £200 million revenue target by financial year 2030.
Gundy, who has led the company for five years, will remain with Braemar after stepping down from the board and return his focus to front line shipbroking activities. The announcement came alongside confirmation that the group continues to trade in line with market expectations, with a full year trading update scheduled for late March 2026.
Market and operational impact
The leadership change places Foley, who joined Braemar in August 2023 as chief financial officer and was later promoted to chief financial and operating officer, in charge of executing the board’s strategic growth plan. The company has set a revenue target of £200 million by the 2030 financial year, building on current consensus estimates for the year ending 28 February 2026 of approximately £132 million in revenue and £13.2 million in underlying operating profit.
Foley’s elevation from CFOO to CEO triggers a search for a replacement chief financial officer, with the company stating that a further announcement will follow in due course. The transition comes at a time of intensifying competition among shipbrokers, where scale, sector spread and balance sheet strength are increasingly critical factors.
During Gundy’s five year tenure as CEO, Braemar disposed of non core units, eliminated a substantial debt burden and refocused on its core shipbroking activities, creating what the board describes as a more diversified and resilient broking house.
Stakeholder reactions and next steps
The board has structured the transition to ensure continuity, with Gundy working closely with Foley over the coming months before the official handover at the July AGM.
Nigel Payne, Non executive Chairman, said: “On behalf of the board, I would like to thank James for his contribution to the business over the past five years as Group CEO. Within that time, James has re shaped Braemar, profitably disposing of non core business, eliminated a large debt burden and created a far more diversified and resilient shipbroking business. I am delighted that, after standing down, James will stay with the Group to look after his broking clients.”
Payne added of Foley: “Grant has impressed the board in both his finance and operational roles and has demonstrated the necessary breadth of expertise to execute the board’s strategic plan to deliver revenues of £200 million by FY30. The board and I look forward to working with him in his new role as Group CEO.”
James Gundy said: “It has been a privilege to lead the Company during my five year tenure as Group CEO, and I am now keen to focus my energies on my shipbroking activities within the Company. I am immensely proud of how the business has developed and transformed over the last few years and believe we now have a strong platform in place to support our clearly outlined strategy. As such, the time is right for me to transition the Group CEO role to Grant, who I firmly believe is the right person to take the Group forward.”
Grant Foley commented: “I’m delighted to be given the opportunity to lead the Company as we continue to advance our strategic plan. Building on the progress and momentum achieved in recent years, I look forward to working alongside the outstanding talent across the Group. The opportunities ahead are exciting and I look forward to capitalising on these to drive shareholder value.”
