GASS loses another CFO

StealthGas, which is in the middle of a fund raising exercise, has seen its chief financial officer of three months quit the company.
Harry Vafias

Harry Vafias

Harry Charogiannis, who only joined the company as CFO in September, has resigned to pursue other employment opportunities.

Konstantinos Sistovaris has assumed the position of CFO on an interim basis until a suitable replacement is found.

Sistovaris had previously served as StealthGas’ CFO, but since September moved to take up a new post at Stealth Maritime, the Vafias family’s private shipowning venture.

Charogiannis is a former Morgan Stanley and Hellenic Postal Savings Bank man who has also been an economic advisor at the Greek Ministry of Merchant Marine and the Hellenic Parliament.

His departure comes as StealthGas looks to sell up to 11.5m new shares in a public offering which was announced on Monday.

Wells Fargo Securities, Deutsche Bank Securities and Jefferies are acting as joint book-running managers for the offering.

Proceeds from the offering will go towards vessel acquisitions, capital expenditures and other general corporate purposes.

However, StealthGas said Sistovaris had been assisting with the common stock offering despite his departure from the company.

StealthGas has a fleet of 38 LPG carriers with a total capacity of 182,322-cbm, three MR product tankers and one aframax oil tanker.

It has agreed to acquire fifteen LPG carriers, with expected deliveries in 2014 and 2015 which will increase its fleet to 53 ships.

Shares in the company were down nearly 10% at the close of trading to $10.56 on the news of the share offer and the CFO’s departure.

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