Aegean Marine Petroleum Network Inc. announced that it has formed an interim leadership team comprising members of the Company’s senior management. The interim leadership team will oversee the Company’s operations and strategic initiatives until a new President has been appointed.
As part of the senior management transition, E. Nikolas Tavlarios, by mutual agreement with the Board of Directors, has resigned as President, effective immediately. He will continue as a consultant to the Company to facilitate a seamless transition.
A comprehensive search process is underway to identify a new President and both internal and external candidates will be considered.
“The Board is confident that the interim leadership team will effectively manage the business and execute on our strategic initiatives to drive improved performance and value creation at Aegean,” said Peter C. Georgiopoulos, Chairman. “We are focused on ensuring that Aegean will continue to succeed in an evolving global market. We are implementing our plan to shift towards a more asset-light model and enhance efficiency across our operations, including reducing annual operating expenses by $20 million by June 2018. We remain committed to serving customers across our global footprint as a leader in the physical supply and marketing of marine fuel and continuing the success that Aegean has achieved.”
Mr. Georgiopoulos concluded, “On behalf of the Board and management team, I want to thank Nick for his leadership and contributions to Aegean and wish him well in his future endeavors. We appreciate Nick’s willingness to continue as a consultant to the Company as we conduct our CEO search and implement a smooth transition to new leadership.”