Sunday marks the final day for George Economou and his nephew Anthony Kandylidis to serve as CEO and CFO respectively at embattled Ocean Rig.
Economou, facing a number of legal fights in the US, is handing the reins of the drilling company to one of his protégés, Pankaj Khanna, who will take over as president and CEO from January 1, while another Economou stalwart, Iraklis Sbarounis, becomes CFO. Economou’s nephew Kandylidis becomes executive vice chairman in the management shake up with Economou as chairman.
Economou commented: “We are pleased to announce the strengthening of our management team in our efforts to streamline our operations and bring focus to the development of Ocean Rig post-restructuring. The team under the guidance of Mr Kandylidis and myself will focus on navigating the Company through the next chapter of our history as we enter 2018 with optimism and in a prime position due to our strong balance sheet and modern fleet to take advantage of opportunities as they arise. We will continue to focus on maximizing shareholder value through this cycle.”