Athens: Sophocles N. Zoullas has officially resigned as CEO of Eagle Bulk and has been replaced by Stanley H. Ryan.
Ryan, a current member of the Eagle Bulk board, took over on March 6. He was formerly the global co-leader of Cargill’s agricultural supply chain businesses.
Zoullas and Eagle Bulk have entered into a separation agreement and general release, the NASDAQ-listed company said today.
Bart Veldhuizen, one of Eagle Bulk’s directors, will succeed Zoullas on the company’s audit committee.
“Stanley Ryan’s global commodity expertise – earned over many productive years at Cargill – and strong commercial relationships will serve the company well as we navigate ongoing challenges in the dry bulk market,” Paul M. Leand, Jr, chairman of the board, said today in a statement.
Zoullas, Eagle Bulk’s founder, gave notice of his resignation to the executive board on February 19. His reasons for resigning have not been publically disclosed.
Randee E Day has stepped down as interim president of the company, but remains a director.