The predominantly family-owned firm, Pearman Watlington and Company Ltd., in its 150th year, is using the 1994 changes as a springboard for the company's future.

"We feel there is a larger potential for the company,'' said Mr. William J.

Cox, head of the new management team.

He emerged CEO of the company after February's annual general meeting of the shareholders.

He conceded a combination of the recession and lack of change had created the need for some fresh ideas and a new direction.

"Growth stagnated. That's why we're looking at ourselves and trying to make some changes,'' said Mr. Cox. "And it wasn't just the recession that set us back. We realised that we hadn't changed very much at all.

"During the course of this financial year and next year, we want to take a very aggressive approach in the market place.'' Company president, Mr. Harry Cox said: "We appointed a whole new board of directors and I personally welcomed this. The board is made up of distinguished businessmen who have brought an enlightened approach.

"At my father's (the Hon. Sir John Cox) death in 1990, he had been head of the company or involved in the decision-making for 70 years.

"He had been chairman and president for all of my lifetime. And when he died, the family had suffered two grievous losses within 15 months, because my brother had just died in 1989.

"It has taken us some time to move on.'' Business and family are very much entwined. The Cox family members own separately some 70 percent of Pearman Watlington. The other 30 percent is held by minority shareholders.

As the head of the management team making day-to-day decisions, Mr. William J.

Cox is looking toward a bright future.

"We looked to a re-engineering move on the part of the company, putting together the best possible team to take us into the 21st century.

"When we looked at re-structuring, we knew that expertise would be needed at the directors' level.'' The board of directors has been enlarged from five to seven.

The company has abandoned the established concept of working directors -- that is board members who also work as managers in various departments.

Mr. Cox continued: "A lot of companies tend to have them. We have moved away from it because we do not believe that it is always in the best interests of the company.

"There should be an important distinction between those who are guiding the company strategically and those who are doing the day to day business.'' New faces on the board include retired chairman and executive vice president of Sears Canada, Mr. Charles Dunn, who resides in Bermuda; Chicago-based businessman, Mr. Ellis Goodman; Mr. Miles Outerbridge of Woodbourne Associates; Mr. John Carey of Devonshire Industries and Bermuda Paint Company Ltd.

They join president Mr. H.C.D. (Harry) Cox and Mr. Henry Cox who stayed on from the previous board when Mr. Allan Pretty and Mr.

Eugene Mayor retired.

The management team reports to the CEO.

Mr. William Cox said: "Our strategic direction is to distinguish our core businesses that include marine, automotive and retail. We have a consumer products division and a business machine division. We have the marina on the waterfront.

"The retail industry needs some degree of innovation and we want to be one of the innovators.'' They have already sold off the Pitts Bay Boat company, behind Smatts Cycle Livery on Pitts Bay Road, a firm they had purchased more than a decade ago.

The former marine equipment store includes a substantial building, 0.628 of an acre of land and a boat slip. The company had been on the market for years and has now been sold to Mr. Craig Selley of Marine Locker, who has subsequently leased the premises out.