A.L. Burbank & Company, Ltd. Announces Election Of Officers —Celebrates 50th Anniversary

A.L. Burbank & Company, Ltd., New York, N.Y., well-known steamship owners, agents, brokers and consultants to the maritime industry, has announced the election of Peter Burbank to the office of chairman of the board and chief executive officer of the company. Mr. Burbank, who since 1955 has been president of the company, will be succeeded as president by Franklin W.L. Tsao, at present executive vice president.

The corporation also announced the election of Paul Caramella to the position of executive vice president, Eugene F. Whitehome to that of vice president, and Andrew Russnok to that of controller. Mr. Caramella will continue his duties as treasurer of the corporation and joins Mr. Burbank and Mr. Tsao as a member of the executive committee. Mr. Burbank, whose father Abram L. Burbank founded the company in 1928, joined A.L. Burbank & Company, Ltd. in 1945 after distinguished military service, and experience gaining employment with a number of industrial corporations. He was active in the Ship Purchase and Sale Department until his election as president in 1955. Since that time, he has been active in all phases of the company's business.

Mr. Tsao has been with the company since 1968, and he has specialized in marine transportation projects involving new constructions and customized long-term charters. He became a director of the corporation in 1973 and executive vice president in 1976. Previous to joining the company, Mr. Tsao completed his education at McGill University, Columbia University, and the University of Michigan, with degrees in engineering, finance and naval architecture.

Mr. Caramella, who began his service with the company in 1951, was elected treasurer and director in 1962 and is a former president of the Association of Water Transportation & Accounting Officers.

Mr. Whitehorne, who joined the company in 1975, earned his law degree at St. John's University, School of Law. After service with the U.S. Department of Justice, he was employed by major oil companies in exploration, production and transportation activities of their oil and gas subsidiaries. He was assistant to Mr. Burbank, having responsibility for long-term Chemical Parcel Tanker, LPG and LNG Ship Departments and for Special Project Development.

Mr. Russnok, a graduate of Pace College, joined A.L. Burbank & Company, Ltd. in 1972 and formerly served as auditor of the company.

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