Dimitris Melissanidis, the founder of Aegean Marine Petroleum Network, has stepped down after 21 years and is to receive a $99.6m payout by selling his 22% stake back to the NYSE-listed company.
Melissanidis has stepped down from his role as head of corporate development at the marine fuel and lubricant supplier, effective immediately.
He will continue as a consultant to the company “to provide guidance to management and ensure a seamless transition”, a statement said today.
His 11,303,031 shares will be repurchased by the company at a price of $8.81 per share, based on the close of trading on August 16, or $99.6m in total.
Melissanidis said he was looking forward to working as an advisor to the company’s leadership team “and to watching Aegean continue on its trajectory of growth and success”.
“We believe this sizeable repurchase of the Company’s shares underscores the Board’s confidence in Aegean’s prospects, and will provide meaningful and immediate earnings accretion for all Aegean shareholders,” said E. Nikolas Tavlarios, Aegean’s president.
“We are fortunate to have a solid balance sheet and strong free cash flow, which provide us the opportunity to repurchase shares while continuing to invest in our business to drive continued growth and shareholder value.”