Nominees Randee Day and Robert M. Pons Would
Bring Valuable Maritime, Technology, Senior Leadership and
Corporate Governance Experience to Genco Board
GK Investor LLC (“GK”), an
affiliate of George Economou that is an approximately 5.4%
shareholder of Genco Shipping & Trading Limited (“Genco” or the “Company”) (NYSE: GNK), today announced that it has
nominated two candidates for election to the Genco Board of
Directors (the “Board”) at the 2024
Annual Meeting of Genco’s Shareholders (the “Annual Meeting”).
GK’s nominees are:
- Randee Day, President and CEO of Day & Partners,
LLC, a maritime consulting and advisory group. She has 35 years of
experience in corporate governance, restructuring, M&A and
maritime finance, and is currently a director of International
Seaways, Inc. (NYSE: INSW) and Eagle Bulk Shipping Inc. (NYSE:
EGLE). Ms. Day previously was interim CEO of DHT Maritime, Inc.
(NYSE: DHT) and Managing Director at the Seabury Group. If
elected to the Genco Board, Ms. Day would bring substantial
maritime industry, governance and financial expertise drawn from
decades of senior executive and oversight experience.
- Robert M. Pons, President and CEO of Spartan Advisors,
Inc., a management consulting firm specializing in telecom and
technology companies. He has served on the boards of directors of
16 publicly traded companies, and has more than 40 years of
hands-on operating experience as a CEO and in senior executive
positions. If elected to the Genco Board, Mr. Pons would bring
significant operational know-how, technology and corporate
governance experience based on his numerous executive leadership
roles and public company directorships.
George Economou stated, “As a significant Genco shareholder, I
strongly believe in the Company’s potential to deliver improved
value for shareholders. Both Randee and Robert have highly relevant
backgrounds that would, in my view, be additive in the boardroom
and would help address Genco’s lagging performance. I believe the
entire Board would benefit from their fresh perspectives and
collective knowledge of the maritime and technology sectors and
experience in finance, corporate strategy and governance. I look
forward to engaging with the Company and fellow shareholders
regarding the addition of these highly-qualified nominees to the
Board.”
Full Nominee Biographies
Randee Day is President and CEO of Day & Partners,
LLC, a maritime consulting and advisory group. She was previously
the CEO of Goldin Maritime, LLC, an affiliate of a premier
restructuring and advisory firm. Ms. Day previously served as
interim CEO of DHT Maritime, Inc. (NYSE: DHT). Prior to that, she
was Managing Director at the Seabury Group, a transportation
advisory firm. She is a director of International Seaways, Inc.
(NYSE: INSW), where she chairs the Audit Committee and sits on the
Compensation Committee, and Eagle Bulk Shipping Inc. (NYSE: EGLE),
where she chairs the Compensation Committee and is on the Audit
Committee. Previously, she served on the boards of Tidewater Inc.
(NYSE: TDW), the largest publicly traded offshore platform vessel
operator in the world, as well as Guardian Navigation (formerly
Valhalla Shipping), a shipping company specializing in the
transshipment of dry cargo.
Ms. Day is a graduate of the School of International Relations
at the University of Southern California and completed graduate
studies at The George Washington University. She is also a graduate
of the Senior Executives in National and International Security
Program at the Harvard Kennedy School of Government and the
Directors College at Stanford University.
Robert Pons is President and CEO of Spartan Advisors,
Inc., a management consulting firm specializing in telecom and
technology companies. He was previously Executive Vice President of
PTGi-ICS, a wholly owned subsidiary of HC2 Holdings, Inc., a
publicly traded holding company operating subsidiaries in
infrastructure, telecom, construction, energy technology, gaming
and life science. Previously, he was Senior Vice President, Capital
Markets, at TMNG Global, a global consulting firm to technology,
media, communications and financial services companies. He also
served in senior management roles at technology companies including
Uphonia, Inc. (formerly SmartServ Online, Inc.) and FreedomPay. Mr.
Pons has served on the boards of 16 public companies and is
currently a director of Marpai, Inc. (NASDAQ: MRAI). He previously
served as Executive Chairman of Seachange International, Inc.
(NASDAQ: SEAC) as well as a director at CCUR Holdings, Inc. (OTCPK:
CCUR), Alaska Communications, Inc. and Inseego Corp. (NASDAQ:
INSG), among others.
Mr. Pons received a B.A. with honors from Rowan University.
Cautionary Statement Regarding Forward-Looking
Statements
This press release does not constitute an offer to sell or
solicitation of an offer to buy any of the securities described
herein in any state to any person. The information herein contains
“forward-looking statements.” Specific forward-looking statements
can be identified by the fact that they do not relate strictly to
historical or current facts and include, without limitation, words
such as “may,” “will,” “expects,” “believes,” “anticipates,”
“plans,” “estimates,” “projects,” “potential,” “targets,”
“forecasts,” “seeks,” “could,” “should” or the negative of such
terms or other variations on such terms or comparable terminology.
Similarly, statements that describe our objectives, plans or goals
are forward-looking. Forward-looking statements are subject to
various risks and uncertainties and assumptions. There can be no
assurance that any idea or assumption herein is, or will be proven,
correct or that any of the objectives, plans or goals stated herein
will ultimately be undertaken or achieved. If one or more of such
risks or uncertainties materialize, or if GK Investor LLC
(“GK”)’s underlying assumptions prove
to be incorrect, the actual results may vary materially from
outcomes indicated by these statements. Accordingly,
forward-looking statements should not be regarded as a
representation by GK that the future plans, estimates or
expectations contemplated will ever be achieved.
Certain Information Concerning the Participants
GK and the other Participants (as defined below) expect to file
a preliminary proxy statement and accompanying proxy card with the
Securities and Exchange Commission (the “SEC”) to be used to solicit proxies for, among
other matters, the election of its slate of director nominees to
the board of Genco Shipping & Trading Ltd. (“Genco” or the “Company”) at the Company’s 2024 Annual Meeting and
the passage of the Participants’ proposal to repeal, at the
Company’s 2024 Annual Meeting, certain bylaws of the Company passed
after March 28, 2023. Promptly after filing its definitive proxy
statement with the SEC, GK expects to mail the Participants’
definitive proxy statement and accompanying proxy card to each
stockholder entitled to vote at the 2024 Annual Meeting.
The participants in the proxy solicitation are GK, Sphinx
Investment Corp. (“Sphinx”), Maryport
Navigation Corp. (“Maryport”), Mr.
George Economou, Ms. Randee Day and Mr. Robert M. Pons
(collectively, the “Participants”).
As of the date hereof, GK directly owns 2,313,572 shares of
common stock, par value $0.01 per share, of Genco (the
“Common Stock” and the Common Stock
directly owned by GK, the “GK
Shares”), including 100 shares of Common Stock held by it in
record name. Each of GK, Sphinx, Maryport and Mr. Economou has the
sole power to vote or direct the vote of 0 shares of Common Stock;
has the shared power to vote or direct the vote of the GK Shares;
has the sole power to dispose or direct the disposition of 0 shares
of Common Stock; and has the shared power to dispose or direct the
disposition of the GK Shares. The GK Shares collectively represent
approximately 5.4% of the outstanding shares of Common Stock based
on 42,538,665 shares of Common Stock outstanding as of November 8,
2023, as reported in Genco’s Form 10-Q for the quarterly period
ended September 30, 2023, filed on November 8, 2023. As of the date
hereof, neither Ms. Day nor Mr. Pons own beneficially or of record
any shares of Common Stock.
Important Information and Where to Find It
GK STRONGLY ADVISES ALL STOCKHOLDERS OF GENCO SHIPPING &
TRADING LIMITED TO READ BOTH THE PARTICIPANTS’ PROXY STATEMENT AND
GENCO’S PROXY STATEMENT AND OTHER PROXY MATERIALS AS THEY BECOME
AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SUCH
PROXY MATERIALS WILL BE AVAILABLE AT NO CHARGE ON THE SEC’S WEBSITE
AT WWW.SEC.GOV. THE PARTICIPANTS’ DEFINITIVE PROXY STATEMENT, WHEN
FILED, AND OTHER RELEVANT DOCUMENTS, WILL ALSO BE AVAILABLE ON THE
SEC WEBSITE, FREE OF CHARGE.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240110779727/en/
Dan Zacchei / Joe Germani Longacre Square Partners
dzacchei@longacresquare.com / jgermani@longacresquare.com
Genco Shipping and Trading (NYSE:GNK)
Historical Stock Chart
From Apr 2024 to May 2024
Genco Shipping and Trading (NYSE:GNK)
Historical Stock Chart
From May 2023 to May 2024