Nasdaq-listed Performance Shipping is freshening up its board while reducing the number of serving directors.
The Greek aframax tanker owner is proposing a board of five, rather than seven currently, which will save money, the company said.
Chairman Simeon Palios is stepping down following a shareholders meeting at the end of February.
His daughter Aliki Paliou will take over. She is already a non-executive director and married to chief executive Andreas Michalopoulos, the other continuing director.
Three new independent members will be elected from the worlds of banking, science and insurance broking: Alex Papageorgiou, Mihalis Boutaris and Loisa Ranunkel.
Directors Reidar Brekke and Antonios Karavias will be retiring.
Independent and diverse
Performance said the majority of the board will be independent and two are women.
"This reflects the company’s commitment to driving positive change and will exceed the recently-adopted Nasdaq board diversity objectives well ahead of the effective date of those listing rules," the owner added.
Michalopoulos and chief financial officer Anthony Argyropoulos will continue to work closely with the board during the current challenging times for the tanker market, Performance said.
Outgoing chairman Palios said the changes represent an exciting opportunity to benefit from diverse areas of expertise and perspectives of the new nominees.
“I have great confidence in the appointment of Aliki Paliou to chairperson of the board, who through her wealth of experience, integrity, and judgment will continue to deliver shareholder value,” he added.
New director Papageorgiou, 49, has over 25 years of experience in banking, capital markets and shipping.
He was previously CEO of Hystead Limited, a retail property company, and founded and ran Assos Capital.
Shipping board experience
Papageorgiou has also served as a director of capesize owner Seanergy Maritime.
Between March 2005 and May 2006, he was the chief financial officer of Golden Energy Marine, a Greek tanker company.
Boutaris, 47, is an advisor to the National Centre of Scientific Research (Demokritos).
He has also launched Athroa, a venture studio bringing to market deep-tech inventions including a new eco-friendly biopesticide, a small hydroelectric power plant and the first concentrated solar power plant in Greece.
Ranunkel, 44, is an experienced insurance broker.
Since 2018, she has been involved in overseeing the creation and the development of the political risks insurance department at broker AU Group in Paris.
