Oaktree Capital Management has given itself an additional voice in Star Bulk Carriers' affairs as the New York-listed owner's top shareholder.
The Los Angeles-based asset manager exercised its right under a 2014 shareholder agreement to hold a third board seat, enlarging the leadership circle by one to 10 members.
Oaktree, which holds a 40% stake in Star Bulk, has nominated Oaktree employee Dawna Men to the board as a class B director.
She is an associate in Oaktree's Oppenheimer Funds and has worked with a number of Oaktree's portfolio companies, Star Bulk said on its website.
Before joining Oaktree in 2018, Men served two years as an investment banking analyst in the financial restructuring group for investment bank Loulihan Lokey, also based in Los Angeles.
The board also appointed Brian Laibow, an Oaktree managing director, to the board to replace Emily Stephens, who resigned as a class B director after joining in November 2018.
Stephens, also an Oaktree managing director for distressed funds, also served on the board's nomination and corporate governance committee.
Laibow will fill Stephens' committee role as well, Star Bulk said.
Mahesh Balakrishnan, a managing director for Oaktree's Opportunities Funds, has held a seat on Star Bulk's board since February 2015.
Oaktree, majority-owned by Brookfield Asset Management since 2019 and founded in 1995, manages $122bn in assets. It is listed on the New York Stock Exchange under the ticker symbol OAK.
Rest of board stays the same
Spyros Capralos has led Star Bulk's board as non-executive chairman since July 2014 after serving as Star Bulk's chief executive since February 2011.
Petros Pappas, CEO since July 2014, also sits on the board with Koert Erhardt, managing director of Augusta Bunge Maritime, and Nikolaos Karellis, Marininvest Advisers director.
Remaining seats are held by Tom Softeland, former Star Maritime director; Norwegian investor Arne Blystad; and Raffaele Zagari, CEO, Augustea Group.
Star Bulk shares, which trade on Nasdaq as SBLK, slipped 3.4% Thursday to close at $9.43.
