John Fredriksen’s Frontline has brought more experience on board in the shape of new director Marios Demetriades.
The 51-year-old Cypriot was minister of transport, communications and works in Cyprus from 2014 to 2018.
Demetriades is described by the Oslo-listed tanker company as “an experienced financial services professional”.
He has significant experience as a non-executive director in various listed and private companies in the banking, infrastructure and shipping industries.
The politician is a qualified chartered accountant and a member of the Institute of Chartered Accountants in England and Wales, and the Institute of Certified Public Accountants of Cyprus (ICPAC).
Demetriades, who is based in Cyprus, joins at a time when Frontline is preparing to launch an offer for the shares of Belgian tanker owner Euronav as a precursor to what both companies hope will be a full merger.
But Euronav’s biggest shareholder, the Saverys family, is opposing the plan.
Demetriades was born in Paphos and educated at the University of East Anglia in the UK, graduating with a first class BSc in Business, Finance and Economics in 1993.
He subsequently held various positions at Piraeus Bank in Cyprus.
Demetriades is a shareholder and member of the investment committee at Euploia Partners, a Cypriot boutique investment company holding stakes in the medical and ship supplies sector.
He is also a founding shareholder of online gaming company Spectrum Games and Medisera, a medical supplies operation.
The former minister has also worked at Marfin Laiki Bank and Ernst & Young.
Frontline’s announcement comes five days after the shipowner held its annual general meeting in Bermuda.
Shareholders voted to set the maximum number of directors at eight.
Fredriksen was re-elected to the board, as were finance executive James O’Shaughnessy, chairman Ola Lorentzon, SFL Corp CEO Ole Hjertaker and banker Steen Jakobsen.
Frontline CEO Lars Barstad and CFO Inger Klemp make up the full complement of eight directors.
PricewaterhouseCoopers was reappointed as auditor, while investors approved board remuneration of up to $600,000 for 2022.