Genco Shipping adds shareholders to board

Peter Georgiopoulos-led company makes appointments as two other directors step down.

Genco Shipping & Trading said two of its major shareholders now have board seats.

Following the resignation of two board members at the end of last week, Genco’s board appointed Peter Kirchoff as a new director. Kirchoff has been a managing director at Strategic Value Partners (SVP) since 2015. SVP owns 17.3% of Genco's stock, according to a recent filing.

The board also appointed Arthur Regan, an operating partner with Apollo Investment Consulting. Regan was also the head of Apollo’s maritime investment vehicle Principal Maritime Management. Apollo has a 15.4% stake in Genco, according to Genco's last annual filing.

Kirchoff is replacing Ian Ashby, who worked for iron ore mining firm BHP Billiton. Regan is replacing Michael Leffell, a founder of Portage Advisors. Genco said neither board member resigned due to a disagreement with the company.