Jens Mahnke will step down as chief executive of Hamburg-based shipping asset manager Ernst Russ after its next general meeting.

Executive Board member Ingo Kuhlmann will also leave the company on 31 March, a statement said Tuesday.

“Jens Mahnke and Ingo Kuhlmann led our company into a safe harbour in difficult times and created a stable base for the ongoing development of the company,” Alexander Stuhlmann, chairman of Ernst Russ’ supervisory board, said.