San Francisco: John Ray, who oversaw Overseas Shipholding Group through the turbulent waters of bankruptcy, has departed the OSG board.
Ray, managing director of venture capital firm Greylock Partners, came to OSG in November 2012 in the role of chief reorganisation officer until the firm came through its Chapter 11 proceedings in August 2014. He then served as chairman of the board until last December.
The company had been burdened with huge debt and big tax bills when it took the bankruptcy route.
Under Ray’s guidance the New York-based tanker giant, which delivers oil and gas products worldwide with its 78-strong fleet, restructured its domestic and international businesses.
OSG chairman Doug Wheat said: “John’s tireless efforts on behalf of OSG have been truly appreciated, and on behalf of the company and the entire board, I would like to thank him for his service.”
He will be replaced by new ceo Ian Blackley.
