Two key figures in the financial affairs of the former Eagle Bulk Shipping recently started new jobs after being scheduled for redundancy in the takeover by Greece’s Star Bulk Carriers.
TradeWinds has confirmed that Elie Cohen — Eagle’s head of accounting — and Evan Guynn — head of financial planning and analysis — have been snapped up by other industry players.
Both men reported to Eagle chief financial officer Costa Tsoutsoplides, who has stayed on with Star in an interim position as a senior adviser until the end of September.
But as financial functions are increasingly consolidated into Star’s offices in Athens, Tsoutsoplides is also expected to move on to another position within shipping. He has been investigating opportunities in the US and Greece, sources said.
Cohen, who also had roles as controller and treasurer at Eagle, has emerged in the controller’s post at New York City-based McAllister Towing & Transportation.
He will work there under chief financial officer Alan Ginsberg, who is also a former Eagle executive. Ginsberg was Eagle’s chief financial officer from 2005 to 2012 under an earlier administration led by CEO Sophocles Zoullas.
Guynn has started work at Stamford, Connecticut-based gas power Dorian LPG, where he will work in a capacity similar to his Eagle role under chief financial officer Ted Young.
Both men were casualties of Star’s $836m, all-stock deal for Eagle, which closed in April. One of the prime areas for consolidation synergies between the two companies is in finance, as Star already has a sophisticated operation in place through its Athens headquarters.
However, the two men were able to move immediately from interim status at Eagle to their new posts, suggesting their appeal to fellow shipping companies.
Cuts by Star of ex-Eagle staffers have not been limited to the financial sphere. In June, the Greek company let go about 10% of the former Eagle staff, including Singapore-based technical director Claus Jensen.
Tsoutsoplides, meanwhile, has been shuttling back and forth between Stamford and Athens, assisting in the integration of Eagle’s operations into the Star framework.
Former chief executive Gary Vogel left Eagle at the closing of the merger, accepting a large severance package. He is expected to return to the sector after enjoying some downtime with his family.
So is Tsoutsoplides, who is thought likely to emerge in a similar capacity with a shipowner in the coming weeks.
Eagle Bulk’s takeover by Star Bulk created a juggernaut owner and operator of 170 bulkers on the water or under construction — almost all fitted with scrubbers.
Star Bulk shares were trading just under $23 on Monday on New York’s Nasdaq, giving it a market capitalisation slightly above $2.6bn.
