The Board of Directors of the Grand Banks Yachts Limited announced that, as part of the Board's commitment to renew itself, Dr. Jeffrey Stewart Bland and Mr. Peter Kevin Poli will be stepping down as directors of the Company with effect from the conclusion of the Company's annual general meeting to be held on 28 October 2015. Following his resignation as a Director, Dr. Bland will also cease to be the chairman of the Nomination Committee of the Company as well as a member of the Remuneration Committee and Risk Management and Audit Committee of the Company.