CFO axed at OSG

Overseas Shipholding Group’s long serving chief financial officer, Myles Itkin, has been axed as the US tanker company works through a Chapter 11 bankruptcy restructuring.

Itkin (65) CFO and treasurer of OSG since 1995 and executive vice president since 2006 played a key role in the company’s growth including acquisitions such as Stelmar, Maritrans and Heidmar Lightering.

And since OSG’s Chapter 11 filing he has been involved in efforts to restructure debt and get the company back on an even keel.

Itkin has been chopped less than two months after the departure of Morten Arntzen the chief executive who presided over OSG’s decline into bankruptcy.

OSG said Itkin had left the company as part of a reduction in the workforce intended to improve operational efficiencies in connection with the Company’s restructuring efforts.

Itkin is replaced by Capt Ian Blackley OSG head of international shipping operations and ship management.

He is a former P&O master mariner who led OSG’s move into the LNG sector but despite his operational background has also been OSG’s assistant treasurer with responsibility for looking after banking relationships.

Itkin who earned over $1m at OSG in 2011 is also a non-executive director of John Coustas’s quoted containership venture, Danaos Corp, and one of the shipowner directors of the UK Club protection and indemnity mutual.

Before joining OSG Itkin held senior financial roles Alliance Capital Management and Northwest Airlines.

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