Virginia’s privatisation is off the agenda

“We are transforming the Port of Virginia to meet a changing and increasingly competitive environment,” said William Fralin, chairman of the VPA board.

Virginia International Terminals (VIT) will be converted from a non-stock corporation to a single member limited liability corporation under more direct control by the VPA. The new structure will eliminate duplication, increase efficiencies and reduce costs.

The board will also begin the process of recruiting the permanent executive director and chief commercial officer to lead the streamlined organisation, and expects to have the permanent leadership in place as early as autumn 2013.