The Nasdaq-quoted bulker owner says theincumbent will be replaced by Stamatis Tsantanis, the former CFO of shipowners Target Marine and Top Ships, on 1 October.
In a statement management praisedPloughman, who said he is leaving to “pursue other endeavours” but will continueto serve as a director and chairman.
The development came as the Athens-basedcompany turned in a second-quarter loss of $28.3m, versus a gain of $0.6m inthe same period a year prior.
The shipowner also confirmed the appointmentof twofinancial advisors, Houlihan Lokey and Axia Ventures Group, which were called in to assist with afinancial overhaul.
“As a result of prolonged challenging market conditions, the company isno longer in compliance with some financial covenants,” CFO Christina Anagnostara told investors Thursday.
“The company has entered into discussions with its lenders to develop arealistic financial plan that will improve liquidity and operating flexibilitywhile maintaining a sustainable capital structure.”
Anagnostara blamed Seanergy's quarterly loss on a 43%decline in time charter equivalent rate averages and a drop in revenues,which fell 33% to $35.6m year-on-year.