Star Bulk former anchor investor Oaktree Capital Management has shed its last board member at the giant bulker company, reflecting the gradual reduction of its once controlling stake.
Sherman Lau has stepped down as class B director, a post he had held since May 2021, the owner of about 160 bulkers announced late on Wednesday.
Commenting on the move, Star Bulk chief executive Petros Pappas hailed Oaktree’s involvement in helping direct one of the world’s biggest shipping companies.
“On behalf of the continuing members of the board and of management, I would like to thank all of the men and women who have represented Oaktree on our board over the past 10 years,” Pappas said.
“Their contribution to the success of the company has been invaluable,” he added.
Since 2015, Lau has been senior vice president at Oaktree’s distressed opportunities team in Los Angeles.
Oaktree, which held more than half of Star Bulk when investing in the company in 2014, has gradually wound down its stake to less than 5%, according to an SEC filing last month.
The private equity giant has been cashing in on other shipping investments as well, such as Torm and offshore owner Golden Energy.
Pappas’ own daughter Milena moved in to replace Lau as class B director in Star Bulk’s 10-member board.
She is already involved in the company, serving as its commercial director.
Milena Pappas, who separately heads the Pappas family’s private bulker venture, Oceanbulk Maritime, also served as Star Bulk board member between 2009 and 2014.
Other current Star Bulk board members include ship owners Arne Blystad and Raffaele Zagari, who have helped fuel the US-listed company’s growth by merging their fleets with it.
