There's been some changes in the board room at Top Ships.
After trading closed Friday, the Greek tanker owner said Vangelis Ikonomou and Alexandros Economou had resigned from the board of directors and that non-executive director Stravos Emmanouil would step in as chairman.
Ikonomou, the executive vice president of Top Ships and long-term right hand man to shipowner Evangelos Pistiolis, will remain as an executive of the company.
He has been a director of Top since it went public and is understood to be stepping down to ensure independent directors make up the majority of the board.
Per the filing, shareholders will be asked to approve two new directors, Paolo Javorone and Konstantinos Karelas, as directors at the company's 19 December meeting.
Friday, Top Ships shares closed at $1.11, down $0.06 or 5.1%.
It has been and eventful few months for Top Ships.
It has announced new charters with Clearlake and BP Shipping, worth up to $35m total.
It is also been the target of a shareholder lawsuit and SEC probe stemming from an alleged series of new share issues and reverse stock splits that erased virtually all shareholder value.
This article had been updated since first publication as more information became available.
