BW Group's $197m swoop for more than a third of Navigator Holdings has led to a shake-up of the gas carrier owner's board.
The New York-listed company announced after markets closed in New York on Monday that Hal Malone had stepped down from the board on 22 December and BW Group executive Andreas Beroutsos is to replace him.
As part of the deal, BW Group will also refrain from increasing its voting power in Navigator Holdings until May 2022.
"We look forward to welcoming Mr Beroutsos to the Navigator board and have every confidence that his industry and financial experience will provide valued contributions," Navigator chief executive David Butters said.
Navigator said Butters also thanked Malone for his contributions to the company.
Malone was on the board for three-and-a-half years.
He serves as the head of transportation at WL Ross & Co, the company which sold its 39.1% stake in Navigator Holdings on 15 December.
The deal, Navigator said on Monday, closed on 22 December.
It saw BW Group pay $9 per share, which was a premium of 9.4%.
Beroutsos sat on the board of BW LPG for seven years until 2020, when he joined BW Group as managing director, investments. He is also the senior group executive for strategic new businesses.
He previously spent time at Canadian private equity firm Caisse de Depot et Placement du Quebec, Eton Park Capital Management and McKinsey & Co. He has undergraduate and graduate degrees from Harvard University.
Navigator Holdings shares closed up nearly $0.50 on Monday to $11.18.
