Home HRCompany Profiles Performance Shipping Inc. Announces Date for its 2022 Annual General Meeting of Shareholders and Proposed Changes to Board of Directors

Performance Shipping Inc. Announces Date for its 2022 Annual General Meeting of Shareholders and Proposed Changes to Board of Directors

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Performance Shipping Inc. Announces Date for its 2022 Annual General Meeting of Shareholders and Proposed Changes to Board of Directors

ATHENS, GREECE, January 21, 2022 – Performance Shipping Inc. (NASDAQ: PSHG), (the “Company”), a global shipping company specializing in the ownership of tanker vessels, announced today that its Board of Directors (the “Board”) has scheduled the Company’s 2022 annual general meeting of shareholders (the “2022 AGM”) for February 28, 2022. The Board has set a record date for the 2022 AGM of January 25, 2022.
 
Separately, the Company announces that its Board has approved changes to the composition of the Board, including the nomination of Alex Papageorgiou, Mihalis Boutaris and Loïsa Ranunkel for election as independent directors at the 2022 AGM. Their biographies are set forth below and will be included in the 2022 AGM proxy statement that is expected to be distributed to shareholders on or around February 3, 2022.
 
The Board has also determined that reducing the size of the Board from seven to five members will provide cost savings to the Company. For that reason, Messrs. Reidar Brekke and Antonios Karavias will be retiring from their director positions effective as of the 2022 AGM.
 
With the election of these newly-nominated directors at the 2022 AGM, the Board will consist of five members, of which the majority are independent and two are women. This reflects the Company’s commitment to driving positive change and will exceed the recently-adopted Nasdaq board diversity objectives well ahead of the effective date of those listing rules.
 
This renewal of the Board, together with the appointment of current director Aliki Paliou to the position of Chairperson of the Board, will result in a Board with increased gender diversity, reduced average age and diverse professional experience, all of which the Company believes will further strengthen its governance.
 
These changes to the Board will take effect as of the 2022 AGM, enabling a smooth transition. In addition to the three new independent directors nominated for election at the 2022 AGM, continuing directors Andreas Michalopoulos and Aliki Paliou will remain on the Board, with Aliki Paliou serving as Chairperson.
 
The Company’s senior executive management team, consisting of its Chief Executive Officer, Mr. Andreas Michalopoulos, and its Chief Financial Officer, Mr. Anthony Argyropoulos, will remain unchanged. They will continue to work closely with the Company’s Board during the current challenging times for the tanker market.
 
Commenting on the transition, the current Chairman, Mr. Symeon Palios, said:
 
“The proposed changes to Performance Shipping Inc.’s Board of Directors represent an exciting opportunity for the Company to benefit from diverse areas of expertise and perspectives of the new nominees. The Company is grateful for the valuable contributions of the current Board members who were instrumental in transitioning the Company into the tanker market and helping us navigate a challenging time in the tanker sector.”  Mr. Palios continued, “I have great confidence in the appointment of Ms. Aliki Paliou to Chairperson of the Board, who through her wealth of experience, integrity, and judgment will continue to deliver shareholder value.”

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