George Procopiou’s four daughters are assuming an increasing, possibly even dominant, role in running his fleet of more than 120 ships.
The Greek tycoon, who is turning 74 this year, said on Thursday he will continue to be actively engaged in shipping - a pastime he has long described as a hobby rather than work.
At the same time, however, Procopiou suggested he might be taking a back seat to let his children, who between them have a controlling stake in the group, shape its future.
“I will start again from scratch, or more correctly from one fifth,” Procopiou said in an emotionally charged speech at a Capital Link conference in Athens upon receiving the annual Greek shipping leadership award.
The remaining four fifths of the group are for his daughters to run, so they “can enjoy the (process of) creation and earn the recognition that I enjoyed,” said Procopiou, adding: “I am certain they will succeed”.
“As for me and (wife) Alexandra, we have still very much to do,” Procopiou concluded in a cracking voice to applause from about 400 guests in the hall, including peers Capt Panagiotis Tsakos, Nicholas Tsakos, George Tsavliris and Aristides Pittas, as well as Greek investment minister Adonis Georgiadis.
Procopiou, founder of Dynacom Tankers, isn’t the only major Greek owner who actively promotes daughters for eventual succession. Two years ago, heavyweight John Angelicoussis was joined by daughter Maria, his shipping group’s vice president, at the Davos World Economic Forum.
Procopiou’s eldest daughter, Eliza, has played a role for more than 25 years on the financial and chartering side of the group. Ioanna Procopiou is involved in both dry cargo and tankers with outfits Sea Traders and Prominence Maritime.
Marina Procopiou handles tanker projects and long-term business. Her husband Tony Lauritzen is on the commercial side of the LNG business and chief executive of Dynagas LNG Partners. The youngest of the siblings is Maria-Elena, who is in her early 20s.
Business and family were always intertwined in Procopiou’s life. From his father he learned the real estate and construction business, which remains a second major plank of his activities.
Procopiou made his first shipping investments in the 1970s together with his brother Dimitris. The siblings parted ways in 1988 when the latter founded Centrofin Management.
