• Planned Succession Positions Diversified Conglomerate for Continued Growth
• Dr. Harry S. Banga to continue leading the Group as Founder and Executive Chairman

The Caravel Group announced the appointment of Mr. Angad Banga JP, as Group Chief Executive Officer, with immediate effect. The appointment follows a carefully planned succession process developed over many years, reflecting the Group’s commitment to disciplined governance and long-term continuity.

As Group Chief Executive Officer, Angad will have responsibility for the performance of the Group’s three core divisions: Caravel Maritime, including Fleet Management Limited; Caravel Resources; and Caravel Asset Management. He will also lead capital allocation, strategy and investments across the Caravel enterprise. He reports to Dr. Harry S. Banga.

Dr. Harry S. Banga will continue to lead The Caravel Group as Founder and Executive Chairman. In this role, Dr. Banga will focus on long-term strategy, governance, and oversight, while remaining actively engaged across all business units. The Executive Chairman will ensure accountability at the highest level, with the Chief Executive Officer driving performance and operational excellence. This leadership structure reflects the Group’s commitment to disciplined governance while enabling continued growth and evolution.

“It is with immense pride—both as the Founder of this company and as a father—that I extend my congratulations to Angad on this appointment. This transition marks the culmination of years of careful preparation. Angad has earned the respect of colleagues, clients, and industry peers through his own merit, and I am confident that under his leadership, working in partnership with myself and our leadership team, The Caravel Group will continue to thrive while remaining true to the values of Family, Integrity, and Partnership that have always defined us,” said Dr. Harry S. Banga, Founder and Executive Chairman, The Caravel Group.

Angad has been integral to The Caravel Group since joining at its inception, and most recently served as Group Chief Operating Officer from 2016 to 2025. During this period, he was instrumental in the strategic transformation of The Caravel Group into the diversified organisation it is today—building long-term resilience across the enterprise, establishing new business lines, delivering strong investment performance, and enhancing the capabilities of the Group’s core operations. He has advanced the Group’s capabilities in digital transformation and operational excellence, and has prioritised talent development across the organisation, reinforcing the Group’s longstanding central philosophy that it’s human capital is its greatest asset.

Beyond The Caravel Group, Angad recently concluded a very successful tenure as Chairman of the Hong Kong Shipowners Association (2023–2025) during a period marked by significant geopolitical disruption, regulatory evolution, and trade uncertainty for the global maritime industry. He currently serves on the Hong Kong Maritime and Port Development Board, where he is Chairman of the Promotion and External Relations Committee.

The Founder and Executive Chairman and the Group Chief Executive Officer are supported by an exceptional team of senior leaders across all divisions, whose expertise and dedication have been instrumental to The Caravel Group’s success. This leadership team has been intentionally strengthened in recent years and will continue to play a critical role in the Group’s operations and future growth.

“I am deeply grateful to Dr. Banga for his trust and confidence in me, and to the leadership team and colleagues across The Caravel Group whose dedication has made this transition possible. Our commitment to our clients, partners, and people remains unchanged. Together with Dr. Banga’s continued strategic guidance and the strength of our teams worldwide, I look forward to building on the foundations we have established and taking The Caravel Group forward into its next chapter—with continued focus on operational excellence, sustainable growth, and strengthening our position in the markets we serve,” said Mr. Angad Banga, Group Chief Executive Officer, The Caravel Group.

The transition has been designed to ensure full continuity for all stakeholders. Client relationships, operational commitments, and the Group’s strategic direction remain firmly in place. By combining Dr. Banga’s long-term strategic oversight with Angad’s operational leadership, The Caravel Group is well positioned to sustain momentum while enabling thoughtful evolution.