NEW YORK, June 16, 2017 /PRNewswire/ -- Aegean Marine
Petroleum Network Inc. (NYSE: ANW) ("Aegean" or the "Company")
today announced that its Board of Directors has appointed
Yiannis Papanicolaou as interim
Chairman of the Board, effective immediately. Mr.
Papanicolaou succeeds Peter
Georgiopoulos as Chairman. Mr. Georgiopoulos and
John Tavlarios have stepped down
from the Board, effective immediately, and have agreed to continue
to work with the Board as consultants to facilitate the Company's
senior management transition.
The Company also announced that the Board has appointed
Jean Jose ("JJ") Metey as interim
President of Aegean, effective immediately. Mr. Metey joined Aegean
in 2006 and most recently served as Director of Corporate
Development. Mr. Metey will be supported by Aegean's senior
management team, who will assist in overseeing the Company's
operations and strategy. The Company continues to engage in a
comprehensive search process to identify a new permanent
President.
"Since joining the Board in 2006, I have worked collaboratively
with my fellow directors and the management team, and I look
forward to serving as interim Chairman during such an important
time and safeguarding a smooth transition until the appointment of
a permanent Chairman," said Mr. Papanicolaou. "On behalf of the
Company, I want to thank Messrs Georgiopoulos and Tavlarios for
their contributions to Aegean throughout the years and wish them
well in their future endeavors."
Mr. Papanicolaou continued, "As an executive at Aegean for more
than 11 years, I believe JJ is well suited to assume the role of
President on an interim basis while the Board continues a thorough
search to identify the right candidate to lead the Company and
achieve future growth."
"I am honored to take on the role of interim President, and look
forward to working with the rest of the talented management team as
we continue to serve our clients across the globe and drive value
for shareholders," said Mr. Metey.
About Jean Jose Metey
Mr. Metey, Director of Corporate Development at Aegean, has more
than thirty years of management and executive experience in the oil
and servicing industry. Prior to joining Aegean in 2006, Mr. Metey
spent more than twenty years in various roles with BP, including
Head of Bunkering with BP France and General Manager of Business
Development at BP IST (International Supply and Trading).
About Yiannis
Papanicolaou
Mr. Papanicolaou has been a member of Aegean's Board of
Directors since 2006 and serves as Chairman of Aegean's
compensation committee and a member of the audit committee and
nominating and corporate governance committee. Prior to joining
Aegean, Mr. Papanicolaou served as Director General of the
International Center for Black Sea Studies and as Alternate
Governor of Greece at the Black
Sea Trade and Development Bank. Mr. Papanicolaou spent his earlier
career serving in various government positions, including Chief
Economic Advisor to the Prime Minister of Greece, Chairman of the Council of Economic
Advisors to the Ministry of National Economy and Special Advisor to
the Minister of Foreign Affairs of the Hellenic Republic. Mr.
Papanicolaou has also served as a chairman, deputy chairman,
director, and consultant to various European companies.
About Aegean Marine Petroleum Network Inc.
Aegean Marine Petroleum Network Inc. is an international marine
fuel logistics company that markets and physically supplies refined
marine fuel and lubricants to ships in port and at sea. The Company
procures product from various sources (such as refineries, oil
producers, and traders) and resells it to a diverse group of
customers across all major commercial shipping sectors and leading
cruise lines. Currently, Aegean has a global presence in over 29
markets and a team of professionals ready to serve our customers
wherever they are around the globe. For additional information
please visit: www.ampni.com.
Cautionary Statement Regarding Forward-Looking
Statements
Matters discussed in this press release may constitute
forward-looking statements. The Private Securities Litigation
Reform Act of 1995 provides safe harbor protections for
forward-looking statements in order to encourage companies to
provide prospective information about their business.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and
underlying assumptions and other statements, which are other than
statements of historical facts.
The Company desires to take advantage of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995
and is including this cautionary statement in connection with this
safe harbor legislation. The words "believe," "intend,"
"anticipate," "estimate," "project," "forecast," "plan,"
"potential," "may," "should," "expect" and similar expressions
identify forward-looking statements. The forward-looking statements
in this press release are based upon various assumptions, many of
which are based, in turn, upon further assumptions, including
without limitation, our management's examination of historical
operating trends, data contained in our records and other data
available from third parties. Although we believe that these
assumptions were reasonable when made, because these assumptions
are inherently subject to significant uncertainties and
contingencies which are difficult or impossible to predict and are
beyond our control, we cannot assure you that we will achieve or
accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors
that, in our view, could cause actual results to differ materially
from those discussed in the forward-looking statements include our
ability to manage growth, our ability to maintain our business in
light of our proposed business and location expansion, our ability
to attract and retain senior management and other key employees,
our ability to obtain double hull secondhand bunkering tankers, the
outcome of legal, tax or regulatory proceedings to which we may
become a party, adverse conditions in the shipping or the marine
fuel supply industries, our ability to retain our key suppliers and
key customers, material disruptions in the availability or supply
of crude oil or refined petroleum products, changes in the market
price of petroleum, including the volatility of spot pricing,
increased levels of competition, compliance or lack of compliance
with various environmental and other applicable laws and
regulations, our ability to collect accounts receivable, changes in
the political, economic or regulatory conditions in the markets in
which we operate, and the world in general, our failure to hedge
certain financial risks associated with our business, our ability
to maintain our current tax treatments and our failure to comply
with restrictions in our credit agreements and other factors.
Please see our filings with the Securities and Exchange Commission
for a more complete discussion of these and other risks and
uncertainties.
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SOURCE Aegean Marine Petroleum Network Inc.