Mcilroy Set to Exit Aegean

Friday September 21, 2018

The President of Aegean Marine Petroleum Network Inc. [NYSE:ANW] (Aegean), Jonathan Mcilroy, is in negotiations to exit the company, a source close to the matter has told Ship & Bunker.

Mcilroy's role at the company has been diminishing since August, following the involvement of Mercuria and the appointment of Kostas Polydakis as Chief Operating Officer.

"The changes over the last month have been positive for Aegean as a whole, but along with the fact that much of what is being done on the ground is now being handled by Kostas, the reality is over the last month or so Jonathan's role has changed significantly. A lot of things that were previously under his purview have now moved elsewhere within the organisation," the source said.

"He is currently in discussions for the best way to handle his departure."

Having joined Aegean in January 2016, Mcilroy was appointed President in July 2017 after previous long-time President E. Nikolas Tavlarios resigned by mutual agreement in the wake of what investment banking firm Stifel called "one of the worst quarters in the company's history."

Mcilroy subsequently guided Aegean through 13 months of significant change, including a major shake-up of the board and the termination of the company's relationship with its founder Dimitris Melisanidis.

Last month, Mercuria Energy Group Limited (Mercuria) gave the bunker supplier a major lift by taking a 30% stake in the business - along with a seat on the board - in return for a $1bn trade finance deal.

When contacted by Ship & Bunker, Aegean declined comment.