US-based dry bulk owner Genco Shipping & Trading has handed chief executive John Wobensmith the additional role of chairman, following the retirement of long-serving board chair James Dolphin.
The New York-listed company, which runs a fleet of 43 vessels, said Dolphin steps down after 11 years on the board, including the past four as chairman, without “any disagreement on Genco’s strategy, operations, policies or practices”.
In a statement, he said he was “proud of the work we have done together” and that Genco’s strategy had created “a differentiated dry bulk company with a robust balance sheet, a solid risk reward dynamic and the ability to provide shareholder returns through the dry bulk cycles.”
Alongside Wobensmith’s promotion, Kathleen Haines has been appointed lead independent director, strengthening the board’s oversight. Among other positions, Haines, a Genco director since 2017, previously served as chief of finance and treasurer at pool operator and shipmanager Heidmar, where she sat on the executive committee.
“The board is unified in its view that under his leadership Genco will continue to effectively differentiate the company and execute on its value strategy focused on shareholder returns and growth,” Haines commented on Wobensmith taking the chair.
Wobensmith has been with Genco since 2005, holding roles including CFO, president and CEO. He said Dolphin had been “a valued and dedicated board member and chair for more than a decade” and emphasised that “upholding a high standard of governance is essential to creating enduring long-term shareholder value.”
