In a filing issued after the close the Nasdaq-quoted owner confirmed that its long-time chief executive recently handed in his notice.

Eagle pointed out that Zoullas believes there is “good reason” to leave, however, which means its board has a month to address his concerns and determine whether this is indeed the case.

“Pursuant to the terms of the Employment Agreement, Eagle Bulk has 30 days to cure any event or circumstance that would constitute Good Reason for termination,” it said.

While a review is underway the company’s board says it has asked Zoullas to “temporarily refrain from his day-to-day duties".

"The Board is proceeding prudently – yet expeditiously – to resolve this matter with Mr. Zoullas,” added chairman Paul Leand.

“At the same time, Eagle Bulk's senior management, chartering and technical management professionals are focused on ongoing operational excellence while serving counterparties, business partners and other key stakeholders around the world."

Eagle appointed Randee Day, who has served on the company’s board since the conclusion of its Chapter 11 restructuring in the autumn of last year, as interim president.

In a filing with the US Securities & Exchange Commission the owner noted Day, the chief executive of a consultancy called Day & Partners, is not related to any board members.

“There are no family relationships between Ms. Day and any executive officer of the company or member of the Board,” it said.

“There are no transactions or any currently proposed transaction in which the company was or is to be a party and the amount involved exceeds $120,000, and in which Ms. Day had or will have a direct or indirect material interest.

“Ms. Day did not enter into any plan, contract, or arrangement to receive any compensation in respect of her assumption of the duties of interim.”

Some Wall Street observers believe this disclosure is an attempt to drum up support for new leadership and prepare investors for the eventual appointment of a new chief.

Others see the statement, which wasn’t included in the initial announcement, as a swipe at Zoullas and his brother Alexis, Eagle’s chief operating officer.

Its unclear why Zoullas threatened to resign but a reputable source with closes ties to the owner admits the executive “was not happy” when forced to relinquish the role of chairman.

The same individual claims he was angered by other board changes as well but declined to elaborate further when contacted by TradeWinds late Wednesday evening.

While there are rumours that tensions between Zoullas and Oaktree Capital escalated in the wake of Eagle's restructuring but neither side has addressed these claims publicly.

Severance

According a recent regulatory filing, Zoullas is entitled to an annual salary of no less than $850,000 and bonuses that cannot exceed 75% of the base while serving as chief executive.

If the employment contract is terminated for “good reason" his severance package would likely include a one-time payout of more than $2m.

In addition to accrued compensation Zoullas, and his dependants, would also be entitled to insurance benefits for two more years.

Under the terms of the contract, which was sealed in October 2014, Eagle would have to cough up cash to cover the lump sum payment within 60 days of his departure.

“Good reason” is loosely defined but could include a “material diminution” in the executive’s base salary, annual bonus, authority, duties, responsibly or budget over which the executive retains authority.

According to regulatory filings, a material change in geographic location or any other action that constitutes a breach of the employment agreement constitute good reasons as well.