US tanker owner International Seaways has a slimmer board after the resignation of Nadim Qureshi.
The former chairman of Diamond S Shipping left with immediate effect on Monday.
Qureshi was one of three Diamond directors who came across during New York-listed Seaways’ purchase of its tanker rival in 2021.
Chairman Doug Wheat said: “Nadim’s contributions and his hard work in consummating the merger with Diamond S Shipping and his effort since the merger have helped make International Seaways the company it has become, and we wish him great success in his future endeavours.”
The shipowner stated that Qureshi’s resignation was not the result of any disagreement with the company.
His previously granted stock-based director fees will be treated as fully vested.
The company said it would not seek reimbursement of any fees paid in advance for the first quarter.
As a result of this, the former director has agreed a one-year deal not to compete with the company’s crude and product tanker operations.
Director Kate Blankenship has been appointed a member of the human resources and compensation committee as the number of directors was cut to nine from 10.
Qureshi had chaired the Diamond board as a representative of Invesco, which was Diamond’s largest shareholder through its WL Ross & Co unit.
WL Ross was founded by legendary investor Wilbur L Ross, who later became US commerce secretary.
Qureshi left Invesco in 2020 and co-founded BroadPeak Global, an independent private equity firm involved in “opportunistic buyouts”.
Blankenship is an independent director with more than 20 years of shipping experience.
She is a former executive of John Fredriksen’s tanker company Frontline and has served as a director of such group companies as Golden Ocean Group and Avance Gas.
