shipping company CAST (1983) Ltd.

He has been replaced by Mr. Peter Keller, who has been appointed chief executive officer.

The change follows reports of dissatisfaction over the way the group has been run in recent months.

Despite relinquishing his position, Mr. Glusing will continue as one of CAST's principal shareholders.

CAST's principal lender, the Royal Bank of Canada, has supported the Board's move to appoint Mr. Keller.

The CAST group is one of the largest container shipping organisations operating in the North Atlantic.

Additionally, the group runs stevedoring terminals in Montreal, Canada; Ipswich, England; and Zeebrugge, Belgium, and trucking operations in Europe and North America.

The privately-owned group employs over 1,200 people worldwide and operates 22 offices, including a small Bermuda office.

Mr. Keller has been involved in container distribution operations for the past 25 years.

Since 1983, he has served as president and CEO of CAST North America, where he has been responsible for management of all the group's North American stevedoring terminals, agencies and trucking activities.

Prior to that, Mr. Keller was associated with Sea-Land service for 14 years, where he held a number of operating, marketing and corporate positions in North America and Europe.