Panayotides shown the door

Former Excel Maritime owner Gabriel “Villy” Panayotides has been removed as CEO of the company by US fund Oaktree.

The move this week was confirmed to TradeWinds by a source close to the situation.

There is currently no replacement CEO at the Greek bulker company.

Phones were out of service at the offices of Excel and fleet management company Maryville in Athens on Wednesday morning but were working again this afternoon.

The board of directors section of the Excel website is currently “under construction.”

Kostas Koutsoubelis, managing director of Excel, had his mobile switched off earlier.

Oaktree has yet to comment on the matter.

Under a plan approved by a US bankruptcy court in January, Panayotides had his Excel stake cut from 55% to 8.7%.

But he got to stay on as CEO as Oaktree assumed control.

It has been a tough two years for Panayotides, who also lost control of Denmark’s Torm in 2012.