Caravel Group Charts New Era with Angad Banga as Chief Executive

HONG KONG – January 19, 2026 – The Caravel Group, a privately held global conglomerate, has appointed Angad Banga as its new Group Chief Executive Officer, marking a pivotal moment in the company's history. The move, effective immediately, is the culmination of a succession strategy developed over many years, designed to ensure seamless continuity and robust governance for the diversified enterprise.

Angad Banga takes operational command from his father, Dr. Harry S. Banga, who founded the group in 2013. Dr. Banga will continue to provide strategic leadership as the Founder and Executive Chairman, focusing on long-term vision and governance. This dual-leadership structure is intended to blend the founder's deep industry wisdom with next-generation operational dynamism, positioning Caravel for sustained growth in complex global markets.

"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," said Dr. Harry S. Banga. "Angad has earned the respect of colleagues, clients, and industry peers through his own merit, and I am confident that under his leadership... The Caravel Group will continue to thrive while remaining true to the values of Family, Integrity, and Partnership that have always defined us."

A New Captain at the Helm

As Group CEO, Angad Banga assumes responsibility for the performance of Caravel's three core divisions: Caravel Maritime, Caravel Resources, and Caravel Asset Management. His mandate includes leading capital allocation, group-wide strategy, and investments. Having served as the Group Chief Operating Officer from 2016 to 2025, he is intimately familiar with the organization's intricate operations.

During his tenure as COO, Angad was a driving force behind the group's strategic transformation from a maritime-focused entity into a resilient, diversified conglomerate. He was instrumental in establishing new business lines, delivering strong investment performance, and modernizing the group's core operations. His leadership has championed digital transformation and operational excellence, while reinforcing the company's philosophy that its human capital is its most valuable asset. His prior experience in finance, including a principal role at KKR focusing on leveraged buyouts and his start as an analyst at J.P. Morgan, provides a strong foundation for his new role overseeing capital strategy.

"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," stated Angad Banga. "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."

Navigating a Generational Shift

The transition at The Caravel Group stands as a case study in effective succession planning within Asia's powerful family business landscape. While family-owned enterprises form the backbone of the region's economy, many struggle with formalizing leadership handovers. Research indicates a significant gap between the intent to keep businesses within the family and the execution of a structured plan, often leading to uncertainty and instability.

Caravel's multi-year, deliberate process contrasts sharply with this trend. By cultivating Angad Banga's leadership within the organization for over a decade, the group has mitigated the risks associated with abrupt leadership changes. The new structure, with Dr. Banga as Executive Chairman and Angad as CEO, establishes clear yet complementary roles. Dr. Banga will continue to chair the boards of subsidiary companies and provide high-level strategic oversight, ensuring accountability, while Angad drives day-to-day performance and execution.

This model allows the group to retain its founder's vision and entrepreneurial spirit while empowering a new leader to innovate and adapt to a rapidly changing global environment. It addresses a critical challenge for founder-led firms: how to evolve beyond founder dependency without losing the core values and strategic insight that led to initial success.

Steering a Diversified Conglomerate

Angad Banga takes the helm of a complex and globally diversified enterprise. The group's maritime division, Caravel Maritime, is a cornerstone of its operations. It includes Fleet Management Limited, one of the world's largest independent third-party ship managers, responsible for over 600 vessels and supported by more than 27,000 seafarers worldwide. This division's strength was further solidified by a strategic pivot to increase its stake in Pacific Basin Shipping, making Caravel the largest single shareholder at 16%. This move signals a shift from direct asset ownership towards leveraging influential equity positions to guide strategy in the dry bulk sector.

Beyond maritime, Caravel Resources operates as a significant player in the industrial dry bulk commodity trade, dealing primarily in raw materials like iron ore and coal for steelmaking and power generation. The third pillar, Caravel Asset Management, manages direct investments in global liquid assets and alternative investments, providing another layer of diversification and financial resilience.

This broad portfolio, which also includes the International Maritime Institute in India for talent development, requires a leader with a holistic understanding of disparate industries, from global shipping logistics to complex financial markets. Angad's experience as COO, where he oversaw the group's strategic diversification, has prepared him for this multifaceted challenge.

A Proven Leader in Turbulent Waters

Angad Banga's readiness for the CEO role is underscored by his proven leadership outside the company. He recently concluded a highly successful two-year term (2023–2025) as Chairman of the Hong Kong Shipowners Association (HKSOA), one of the world's most influential maritime bodies. He guided the association through a period marked by intense geopolitical disruption, evolving environmental regulations, and significant trade uncertainty.

His leadership at the HKSOA was praised for fostering dialogue and promoting technological advancement to address industry challenges. This external role not only solidified his reputation as a respected industry figure on his own merit but also gave him a unique vantage point on the global forces shaping the maritime sector. He continues to serve the Hong Kong maritime community as a member of the Hong Kong Maritime and Port Development Board, where he chairs the Promotion and External Relations Committee.

This track record of public service and industry leadership demonstrates a capacity for diplomacy and strategic foresight that will be crucial in his new role, navigating The Caravel Group's extensive global interests and partnerships. The combination of internal grooming and external validation provides a powerful foundation for his tenure as Chief Executive Officer.