Ole Daus-Petersen has been removed as CEO of restructuring Marenave.
The German company's supervisory board has appointed former commercial manager Bernd Raddatz to oversee the rebuilding of its fleet.
He is also the sole member of the management board.
Marenave sold all its ships this year to repay lenders.
A recapitalisation plan by Offen Group and insurer DEVK then collapsed due to opposition from largest shareholder Ernst Russ, another German shipowner.
