Paragon Shipping announced the resignation of two directors of the Company, which were effective on April 6, 2016.
A SEC filing reads:
On April 6, 2016, Mr Bruce Ogilvy and Mr Lambros Theodorou resigned as directors of the Company, effective immediately. After the receipt of such resignations, the board of directors of the Company (the “Board”), reduced the size of the Board from six members to four members, leaving no vacancies on the Board. The remaining Board consists of Mr. Michael Bodouroglou, Mr. Nigel Cleave, Mr. Dimitrios Sigalas and Mr. George Xiradakis. Messrs. Cleave, Sigalas and Xiradakis are considered independent under the rules of NASDAQ Stock Market. Messrs. Cleave, Sigalas and Xiradakis will serve as members of the Company’s Audit Committee, Nominating/Corporate Governance Committee and Compensation Committee.