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Official: President of Aegean to leave, effective November 15

28 Sep 2018

New York-listed bunkering firm Aegean Marine Petroleum Network (Aegean) Thursday announced that President Jonathan McIlroy will leave the company, effective November 15, 2018.

McIlroy’s remaining duties will be taken over by Chief Operating Officer Kostas Polydakis.

In accordance to an earlier agreement, David Gallagher, Global Head of Structuring and Origination at Mercuria, has been appointed to Aegean’s Board of Directors; prior to joining Mercuria in 2016, Gallagher was Global Head of Commodities Structuring and EMEA Head of Corporate Originations at Goldman Sachs.

“I want to express my thanks to Jonathan McIlroy for his service as President of AMPNI,” said Donald Moore, Chairman of the Board of AMPNI.

“I am delighted that Kostas Polydakis is taking on additional responsibilities at AMPNI. He has already distinguished himself in the role of Chief Operating Officer, and I am confident that he will continue working tirelessly to shape and execute the company’s strategy.

“I am likewise pleased to welcome David Gallagher to AMPNI’s Board, and I look forward to the key role he will play in helping to oversee the company’s long-term growth strategy.”

The above development confirms earlier industry rumours first reported by Manifold Times of alleged changes at Aegean’s management.

A timeline-accurate list of events preceding the current development can be found below:

Related: Rumours: Alleged changes at Aegean’s management
RelatedMercuria starts ‘sole lender’ arrangement with Aegean
RelatedAegean establishes new management committee
RelatedMercuria bails Aegean out with $1 billion credit
RelatedOcean Intelligence comments on Aegean credit downgrade
RelatedAegean shares down 71%, to face legal investigations
RelatedAegean audit uncovers $200 million account discrepancy
RelatedAegean unfolds several business developments
RelatedAegean drops founder, elects new board members
RelatedAegean requests for ‘additional time’ to file annual report
RelatedAegean welcomes new Chief Financial Officer
RelatedLawsuit filed against Aegean’s H.E.C. acquisition
RelatedAegean to offer ‘one-stop-shop solution’ with H.E.C. acquisition
RelatedAegean in $367 million acquisition of port reception facilities services group
RelatedAegean shareholders ‘gravely concerned’ over board’s silence
RelatedShareholders nominate ‘highly qualified’ candidates to Aegean board
RelatedAegean Marine Petroleum Network under shareholder pressure

Published: 28 September, 2018

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