US-listed bulker owner Genco Shipping & Trading has rejected Greek shipowner George Economou’s two nominees to its board, saying that their additions would not be in the best interest of the company or its shareholders.
The John Wobensmith-led player with more than 40 ships in its fleet said Tuesday that Randee Day, president and CEO of maritime consultancy Day & Partners, and Robert Pons, president and chief executive at telecom and technology management consultancy Spartan Advisors, had been unanimously rejected to stand for election to the board at the company’s 2024 annual meeting of shareholders.
Day is a former interim CEO of DHT Maritime and managing director at the Seabury Group. She is currently a director at US tanker owner International Seaways and fellow bulker owner Eagle Bulk Shipping. Pons has served on the boards of directors of about 16 publicly traded companies and is currently a director of Marpai.
“As part of its review process, our nominating and corporate governance committee interviewed both nominees and determined that they respectively are not additive to our board’s existing skills and expertise or lack sufficient experience in shipping and related industries,” Genco said in a statement.
Economou’s position in the Manhattan-based Genco was flagged at the end of December last year. He owns about a 5.4% stake in the owner of 18 capesize, 15 ultramax and 12 supramax vessels via his affiliate, GK Investor according to the reports published in splash247.com .
In addition to rejecting Economou’s candidates, Genco revealed the appointment of former Rio Tinto head of marketing, development and ESG for metals and minerals, Paramita Das, to its board. With Das, Genco’s board will comprise seven directors and her term will expire at this year’s meeting of stockholders.
