Aegean Chairman Georgiopoulos Fails to Receive Majority Backing from Shareholders at Annual Meeting Vote

by Ship & Bunker News Team
Tuesday June 13, 2017

Peter Georgiopoulos, the chairman and largest shareholder of Aegean Marine Petroleum Network Inc. [NYSE: ANW] (Aegean) has failed to win majority backing from shareholders at a vote during its latest Annual Meeting of Shareholders, according to a regulatory filing Monday.

The vote was intended to elect Class B Directors to serve until the company's 2020 Annual Meeting of Shareholders,

Director John Tavlarios also "did not receive the majority of the votes cast."

Both Tavlarios and Georgiopoulos have served on the board since 2006.

Existing director Spyridon Fokas, who also serves as General Counsel and Corporate Secretary and has been on the board since June 2005, was successful in receiving the majority of the votes cast.

Aegean said 75.52 percent of the company's outstanding shares of common stock entitled to vote has participated in person or by proxy.

Georgiopoulos owns 13.7 percent of the common stock.

While the immediate impact of the vote is not clear, it comes at a difficult time for the world's largest independent physical bunker supplier.

Following a shock 1Q 2017 result that saw net income fall 88.1 percent, a quarter that brokerage and investment banking firm Stifel called one of the worst in the company's history, earlier this month former President E. Nikolas Tavlarios agreed to step down by mutual agreement.

Ship & Bunker News Team
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