NEW YORK, March 9, 2015 /PRNewswire/ -- The Board of Directors of Eagle Bulk Shipping Inc. (Nasdaq: EGLE) (the "Company" or "Eagle Bulk") today announced that it has appointed Stanley H. Ryan, a current Eagle Bulk Board member and former global co-leader of Cargill's Agricultural Supply Chain businesses, as Chief Executive Officer, effective March 6, 2015. Mr. Ryan succeeds Sophocles N. Zoullas who has resigned from all positions at the Company. In addition, Mr. Zoullas and the Company have entered into a Separation Agreement and General Release.
Concurrent with Mr. Ryan's appointment as Chief Executive Officer, he has resigned from the audit committee of the Board. The Board has appointed Bart Veldhuizen, a director of the Company, to the audit committee.
Paul M. Leand, Jr., Chairman of the Board, commented, "Stanley Ryan's global commodity expertise – earned over many productive years at Cargill – and strong commercial relationships will serve the Company well as we navigate ongoing challenges in the dry bulk market. At the same time, Eagle Bulk's experienced and deep team will continue to deliver operational excellence in a challenging market."
With Mr. Ryan's appointment as Chief Executive Officer, the Board has further determined that Randee Day's service as interim President of the Company, originally announced on February 25, is no longer necessary. As a result, Ms. Day has resigned from her position as interim President but will continue to serve as a director of the Company, including as a member of the Board's audit and nominating and corporate governance committees.
About Stanley H. Ryan
Stanley H. Ryan served most recently as Corporate Platform Leader at Cargill Inc. based out of Shanghai, China, from January 2011 through June 2014. Mr. Ryan was a global co-leader of Cargill's Agricultural Supply Chain businesses and also served as a member of the company's global Corporate Center. Mr. Ryan joined Cargill in 1989 at the Cargill global headquarters in Minneapolis, USA, as an analyst in the Strategy and Business Development department and was later promoted to General Manager of Cargill's oilseed operations in Sydney, Ohio, USA.
Mr. Ryan earned two master's degrees, an MA in international relations and a MBA from the University of Chicago, USA, in 1989. He received his bachelor's degree in economics from the University of Notre Dame, USA, in 1984.
About Eagle Bulk Shipping Inc.
Eagle Bulk Shipping Inc. is a Marshall Islands corporation headquartered in New York. The Company is a leading global owner of Supramax dry bulk vessels that range in size from 50,000 to 60,000 deadweight tons and transport a broad range of major and minor bulk cargoes, including iron ore, coal, grain, cement and fertilizer, along worldwide shipping routes.
Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may 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 forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although Eagle Bulk Shipping Inc. believes 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, Eagle Bulk Shipping Inc. cannot assure you that it will achieve or accomplish these expectations, beliefs or projections.
Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including changes in charter hire rates and vessel values, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydocking, changes in our vessel operating expenses, including dry-docking and insurance costs,or actions taken by regulatory authorities, potential liability from future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents and political events or acts by terrorists.
Risks and uncertainties are further described in reports filed by Eagle Bulk Shipping Inc. with the US Securities and Exchange Commission.
Visit our website at www.eagleships.com
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SOURCE Eagle Bulk Shipping Inc.
Company Contact: Adir Katzav, Chief Financial Officer, Eagle Bulk Shipping Inc., Tel. +1 212-785-2500; Investor Relations / Media: Jonathan Morgan, Perry Street Communications, New York, Tel. +1 212-741-0014