Genco Shipping & Trading Limited Announces Appointment of 15-Year Company Veteran as New Chief Financial Officer
May 22 2023 - 8:00AM
Genco Shipping & Trading Limited (NYSE: GNK) (“Genco” or the
“Company”), the largest U.S. headquartered drybulk shipowner
focused on the global transportation of commodities, today
announced the appointment of Peter Allen as Chief Financial
Officer, effective June 16, 2023. He is to succeed Apostolos
Zafolias, who as previously announced, will leave the Company to
pursue an opportunity outside of the maritime industry.
Since Mr. Allen’s start at Genco in 2008, he has
served in various finance, accounting and corporate strategy
leadership positions at the Company, most recently as Genco’s
Senior Vice President, Strategy & Finance. Mr. Allen has
extensive experience in the shipping industry related to financial
strategy, capital allocation, M&A, market analysis, SEC
reporting and investor relations. Additionally, Mr. Allen has
frequently led cross-functional teams in projects including our IMO
2023 plan, formulating Genco’s ESG program, and was a key
contributor in the development of Genco’s value strategy. His
extensive experience across the different elements of the Company
along with his strong accounting and finance background result in
an ideal fit for the position and provide for a seamless transition
into the role. He has a bachelor’s degree from Fairfield University
and holds the Chartered Financial Analyst designation.
John C. Wobensmith, Chief Executive Officer,
commented, “We are excited to welcome Peter as Genco’s next CFO.
Over the past 15 years, he has established himself as a trusted
leader with invaluable expertise in financial and corporate
strategy. Since joining the Company in 2008, Peter has contributed
greatly to Genco’s success and most recently played an integral
role in the development of our differentiated value strategy. His
appointment reflects our success developing talent at the Company,
which has produced a deep bench of skilled, dedicated employees
that will support Peter in his new role.”
Peter Allen commented, “I am honored to become
CFO of Genco and am greatly appreciative of this opportunity at
such a first-class organization. I look forward to continuing to
work closely with John, the Board and the exceptional team at Genco
to further advance this unique platform. Genco is in a strong
position across all facets of the Company, highlighted by our
industry leading balance sheet and differentiated capital
allocation strategy. We will continue to work diligently to build
off of this solid financial foundation to create long-term value
for shareholders.”
About Genco Shipping & Trading
Limited
Genco Shipping & Trading Limited is a U.S.
based drybulk ship owning company focused on the seaborne
transportation of commodities globally. We provide a full-service
logistics solution to our customers utilizing our in-house
commercial operating platform, as we transport key cargoes such as
iron ore, grain, steel products, bauxite, cement, nickel ore among
other commodities along worldwide shipping routes. Our wholly owned
high quality, modern fleet of dry cargo vessels consists of the
larger Capesize (major bulk) and the medium-sized Ultramax and
Supramax vessels (minor bulk) enabling us to carry a wide range of
cargoes. We make capital expenditures from time to time in
connection with vessel acquisitions. As of May 22, 2023, Genco
Shipping & Trading Limited’s fleet consists of 17 Capesize, 15
Ultramax and 12 Supramax vessels with an aggregate capacity of
approximately 4,635,000 dwt and an average age of 11.2 years.
CONTACT:Apostolos ZafoliasChief
Financial OfficerGenco Shipping & Trading Limited(646)
443-8550
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