Paolo d’Amico is standing aside as chief executive of Italian tanker owner d’Amico International Shipping (DIS).
The Milan-listed MR specialist said the change was confirmed at the annual general meeting on Tuesday.
D’Amico will remain as chairman. He assumed the CEO role in 2019, taking over from Marco Fiori.
The new chief executive is Antonio Carlos Balestra di Mottola, previously the finance chief.
The boss will also be chief risk officer.
Balestra di Mottola joined DIS in 2016 from Venice Shipping & Logistics, where he was a private equity partner for nearly 14 years.
This marked a return to the d’Amico group, where the former Banco Brascan and Lehman Brothers banker was in charge of business development from 2008 to 2016. Before that he worked at DIS in planning and finance.
Long-serving executive Federico Rosen becomes CFO.
Rosen joined the group in 2003, “developing a solid professional path within the organisation by covering various roles over the years”, DIS said.
From 2009 to 2016, he was financial controller.
Pools and joint ventures
Rosen then took on running the planning and control department of the d’Amico Societa di Navigazione group, including oversight of sister operation DIS.
He established and managed the financial operations for DIS shipping pools and joint ventures with major international shipping companies and trading houses.
Paolo d’Amico said: “The appointments of Carlos and Federico are the best opportunity through which the company confirms its commitment to achieving the most effective succession plan on the top roles of the structure thanks to its own managers.”
He added the moves are the “culmination so far of an excellent journey and at the same time the beginning of a new and demanding professional challenge in which we are certain they will be successful”.
DIS also appointed Antonia d’Amico, Lorenzo d’Amico and Massimiliano della Zonca as new non-independent directors.
Last week, DIS said it was spending $110.8m on its first newbuildings since 2015.
The owner signed a contract to build a pair of 75,000-dwt LR1 vessels at Jiangsu New Yangzijiang Shipbuilding in China.
