Economou’s Board Nominees Rejected by Genco

Genco Shipping & Trading, a US-based bulk carrier operator with a fleet exceeding 40 vessels, has decided against including two nominees proposed by Greek shipowner George Economou on its board, stating their inclusion would not align with the company or its shareholders' interests.

The company, led by John Wobensmith, announced on Tuesday that it had unanimously declined to nominate Randee Day, president and CEO of Day & Partners, a maritime consultancy, and Robert Pons, president and CEO of Spartan Advisors, a telecom and technology management consultancy, for election to its board at the 2024 annual shareholders' meeting.

Day has previously held the position of interim CEO at DHT Maritime and was a managing director at Seabury Group. She is also a board member at International Seaways and Eagle Bulk Shipping, both US-based shipping companies. Pons has been a board member of approximately 16 public companies and is currently serving on the board of Marpai.

Genco stated, “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.”

At the end of December last year, Economou's interest in Genco, based in Manhattan, was highlighted. Through his affiliate GK Investor, he holds a roughly 5.4% stake in Genco, which owns 18 capesize, 15 ultramax, and 12 supramax vessels.

Beyond rejecting Economou's proposed candidates, Genco announced the addition of Paramita Das, a former executive in marketing, development, and ESG for metals and minerals at Rio Tinto, to its board. With Das' appointment, Genco's board will have seven directors, and her term is set to conclude at this year's stockholders' meeting.