Aegean Marine Petroleum Network Founder Steps Down, Company to Buy Back his 22% Stake

Dimitris Melissanidis founded Aegean 21 years ago.

Aegean Marine Petroleum Network Inc. [NYSE: ANW] (Aegean) Wednesday said that with immediate effect its Founder Dimitris Melissanidis has stepped down from his role as Head of Corporate Development.

He will continue as a consultant to the company "to provide guidance to management and ensure a seamless transition," Aegean added.

Aegean will also repurchase Melissanidis' 22 percent stake in the bunker company, who will pay $8.81 for each of his 11,303,031 million shares, for a total of $99.6 million.

"As Aegean's founder and a pioneer in the bunkering industry, we thank Dimitris for his extraordinary leadership and dedication to the Company since its inception more than 21 years ago," said E. Nikolas Tavlarios, Aegean's President.

"We have a strong team in place to continue executing on our strategy, serving our customers, and creating value for our shareholders. We are pleased that Dimitris will remain involved with Aegean as a consultant and continue to provide valuable guidance."

Commenting on the move, Melissanidis said: "I am honored to have played a role in Aegean's evolution, and I am proud that today the Company is a dynamic leader in the maritime shipping and bunkering industries.

"I look forward to continuing to work closely with the leadership team as an advisor and to watching Aegean continue on its trajectory of growth and success.

Shares in Aegean were trading up some 8 percent Wednesday, at $9.52.

"We believe this sizeable repurchase of the Company's shares underscores the Board's confidence in Aegean's prospects, and will provide meaningful and immediate earnings accretion for all Aegean shareholders," said Tavlarios.

"We are fortunate to have a solid balance sheet and strong free cash flow, which provide us the opportunity to repurchase shares while continuing to invest in our business to drive continued growth and shareholder value."