Peter Georgiopoulos (pictured) has today resigned as chairman and a director of NYSE-listed Genco Shipping & Trading Limited. No reason was given for his departure.
Arthur L Regan, one of Genco’s current directors, has been appointed as interim executive chairman of the board.
Peter Kirchof has also announced his intention to step from down from Genco’s board, on which he represents one of Genco’s largest shareholders, Strategic Value Partners.
Genco said it will consider qualified candidates to replace Kirchof on the board, including a candidate from Strategic Value Partners.
As part of the separation and release agreements signed today with Genco, Georgiopoulos will receive a $500,000 severance payment and full vesting of his unvested equity awards. This will comprise grants of 68,581 restricted Genco shares and warrants exercisable for approximately 213,937 shares of the company’s common stock with an exercise price per share ranging from $259.10 to $341.90.