Dry Cargo

Eagle Bulk Shipping CEO tenders resignation

Athens: Sophocles N Zoullas, CEO of Nasdaq-listed Eagle Bulk Shipping, has given written notice that he intends to terminate his employment agreement with the bulker operator.

Zoullas, the company’s founder, handed the document to the executive board on February 19.

Eagle Bulk now has until March 23 to resolve any event or circumstance that would constitute his “good reason” for termination. The CEO’s reasons for resigning have not been publically disclosed.

Eagle Bulk says it is reviewing the matter, and that Zoullas has ceased his day-to-day duties in the meantime.

“The board is proceeding prudently – yet expeditiously – to resolve this matter with Mr Zoullas,” Paul M Leand Jr, chairman of the Eagle Bulk board, said in a statement. “At the same time, Eagle Bulk’s senior management, chartering and technical management professionals are focused on ongoing operational excellence while serving counterparties, business partners and other key stakeholders around the world.”

Randee E Day has been appointed as interim president of the company, says Eagle Bulk, effective immediately. She has been a board member since the firm’s Chapter 11 restructuring in October 2014.

Day is currently president and CEO of Day & Partners, a financial advisory and maritime consulting firm.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.
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