ATHENS, Greece, Jan. 21, 2022 (GLOBE NEWSWIRE) — Performance Shipping Inc. (NASDAQ:PSHG), (the “Company”), a global shipping company specializing in tanker ownership, today announced that its board of directors The directors (the “Board”) have fixed the Company’s 2022 annual general meeting of shareholders (the “2022 AGM”) for February 28, 2022. The Board has set a record date for the AGM 2022 of January 25, 2022.
Furthermore, the Company announces that its Board has approved changes in the composition of the Board, including the nomination of Alex Papageorgiou, Mihalis Boutaris and Loïsa Ranunkel for election as independent directors at the 2022 AGM. Their biographies are set out below and will be included in the 2022 AGM Proxy Circular which is expected to be distributed to shareholders on or about February 3, 2022.
The board has also determined that reducing the size of the board from seven to five members will result in cost savings to the company. For this reason, Messrs. Reidar Brekke and Antonios Karavias will step down as directors effective the 2022 AGM.
With the election of these newly appointed directors at the 2022 AGM, the Board will consist of five members, the majority of whom are independent and two are women. This reflects the company’s commitment to driving positive change and will exceed the Nasdaq Board of Directors’ diversity goals recently adopted well in advance of the effective date of these listing rules.
This renewal of the board, as well as the appointment of the current director Aliki Paliou as chairman of the board, will result in a board with increased gender diversity, a reduced average age and a diversified professional experience, which, according to the Company, will contribute to strengthening its governance.
These board changes will take effect from the 2022 Annual General Meeting, allowing for a smooth transition. In addition to the three new independent directors nominated for election at the 2022 AGM, permanent directors Andreas Michalopoulos and Aliki Paliou will remain on the board, with Aliki Paliou as chair.
The Company’s senior management team, consisting of its Chief Executive Officer, Mr. Andreas Michalopoulos, and its Chief Financial Officer, Mr. Anthony Argyropoulos, will remain unchanged. They will continue to work closely with the Company’s Board of Directors during the current difficult period for the tanker market.
Commenting on the transition, the current President, Mr. Symeon Palios, said:
“The proposed changes to Performance Shipping Inc.’s Board of Directors represent an exciting opportunity for the company to benefit from the diverse areas of expertise and perspectives of new candidates. The company is grateful for the valuable contributions of current board members who have been instrumental in the company’s transition into the tanker market and helped us through a difficult time in the tanker industry. Mr. Palios continued, “I have great confidence in the appointment of Ms. Aliki Paliou as Chair of the Board, who, with her vast experience, integrity and judgment, will continue to create shareholder value.
Below is the biographical information of the three new nominees:
Alex Papageorgiou: Mr. Papageorgiou, 49, has more than 25 years of experience in banking, capital markets, real estate and shipping. Mr Papageorgiou previously served as CEO of Hystead Limited, a commercial property company with over €750 million in assets in shopping centers across South East Europe. He was also the founder and Managing Director of Assos Capital Limited, a real estate private equity firm specializing in real estate in South East Europe, as well as Assos Property Management EOOD, a retail property management company. prominent in Bulgaria. He was a director of Seanergy Maritime Corp. (now Seanergy Maritime Holdings Corp.) from December 2008 to November 2009. From 2007 to 2008 he was a non-executive director of First Business Bank in Athens, Greece. Between March 2005 and May 2006, he was Chief Financial Officer of Golden Energy Marine Corp., an international shipping company transporting a variety of crude oil and petroleum products based in Athens, Greece. From March 2004 to March 2005, Mr. Papageorgiou was Director of the Equity Group in the London office of Citigroup Global Markets Inc., where he was responsible for managing and developing Citigroup’s portfolio products business in the Nordic region. . From March 2001 to March 2004, Mr. Papageorgiou served as Vice President of the Equity Group in the London office of Morgan Stanley & Co., where he was responsible for portfolio product sales and sales coverage- trading for the Nordic region and the Netherlands. institutional clientele. From April 1997 to March 2001, he was a partner at JP Morgan Securities Ltd. in the Fixed Income and Investment Banking divisions. Mr. Papageorgiou holds an MSC in Shipping, Commerce and Finance from the City University Business School in London, UK and a BA (Hons) in Business Economics from the Vrije Universiteit in Brussels, in Belgium.
Mihalis Boutaris: Mr. Boutaris, 47, currently acts as an advisor to the National Center for Scientific Research “Demokritos” and is an independent non-executive director on the board of Yalco, a public company listed on the Athens Stock Exchange. Mr. Boutaris is co-founder and vice-president of Kir-Yianni, a 5th generation Greek winery, and he has worked in the wine industry in Greece, France, Chile, California and China. Mr. Boutaris established XiYuan, a Chinese winery based in Shanghai, producing premium wine and a sustainable distribution network for Greek wines in the Asia-Pacific region. Out of a passion for innovation, he launched Athroa, a venture capital studio bringing high-tech inventions to market, including a new environmentally friendly biopesticide, a small hydropower plant and the world’s first concentrated solar power plant. Greece. Mr. Boutaris began his independent career as a management consultant with the Boston Consulting Group from March 2006 to September 2007. He earned a bachelor’s degree in philosophy from Harvard University and holds an M.Sc. in horticulture from the University of California. He served in the Greek Marine Corps and co-founded Arcturos, a major wildlife protection NGO.
Loisa Ranunkel: Ms. Ranunkel, 44, is an experienced insurance broker specializing in commercial credit risk and political risk. Since 2018, she has participated in the creation and development of the Political Risk Insurance (PRI) department of the AU Group in Paris, a historic broker and world leader specializing in securing and financing trade receivables. From 2014 to 2018, she worked as a certified political and commercial risk insurance broker in Greece with clients based in Greece and abroad, focusing on the construction industry, the construction industry defence, renewable energies and shipbuilding. Ms. Ranunkel began her career in the PRI market in 2006, when she was appointed head of the global political and commercial risk program at Alcatel-Lucent. Before entering the PRI market, she worked at HSBC Investment Bank as an information and communication expert and spent six years as a business development officer with the Egis Group – BDPA, a specialist consulting firm in international development assistance. Ms. Ranunkel holds an MBA from IAE – Paris Sorbonne.
About the company
Performance Shipping Inc. is a global provider of shipping services through its ownership of Aframax tankers. The company’s current fleet is employed for one-off trips, time charters and through pooling arrangements.
Caution Regarding Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. Forward-looking statements include, but are not limited to, statements regarding future plans, objectives, goals, strategies, events or performance, as well as underlying assumptions and other statements, which are other than statements of historical fact.
The words “believe”, “anticipate”, “intend”, “estimate”, “anticipate”, “project”, “plan”, “potential”, “may”, “should”, “expect to”, “pending” and similar expressions, terms or phrases may identify forward-looking statements.
The forward-looking statements contained in this press release are based on various assumptions, many of which are based, in turn, on other assumptions, including, without limitation, our management’s review of operating trends history, data in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because they are inherently subject to important uncertainties and contingencies which are difficult or impossible to predict and which are beyond our control, we cannot guarantee that we will meet or realize those expectations, beliefs or projections.
In addition to these important factors, other important factors that we believe could cause actual results to differ materially from those discussed in the forward-looking statements include the completion of the exchange offer described in Schedule TO, which has been filed with the U.S. Securities and Exchange Commission, the strength of global economies, currency and interest rate fluctuations, general market conditions, including fluctuations in rental and the value of ships, changes in demand for our ships, changes in the supply of ships, changes in the world oil production, consumption and storage, changes in our operating expenses, including bunker prices, crew charges, dry docking and insurance costs, our future operating or financial results, availability of financing and refinancing, changes cations of governmental rules and regulations or actions taken by regulatory authorities, potential liability arising from pending or future litigation, general national and international affairs, national political conditions, the duration and severity of epidemics and pandemics, including the epidemic ongoing novel coronavirus (COVID-19) and its impact on demand for shipping oil and other types of products, changes in government rules and regulations or actions taken by regulatory authorities, potential liability arising from litigation in general national and international current or future political conditions or events, including “trade wars”, acts of terrorists or acts of piracy on ocean-going vessels, potential disruption of shipping routes due to accidents, labor disputes or political events, ship breakdowns and ca s non-hiring and other important factors. Please see our filings with the United States Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.