Genco Shipping & Trading has tapped its own deep bench for its next chief financial officer, promoting Peter Allen to succeed the departing Apostolos Zafolias.
Allen has served in various financial and related roles since joining the New York-listed company in 2008. Most recently he was senior vice president for strategy and finance.
Zafolias is leaving to pursue an opportunity outside shipping after nine years as CFO and 18 years with the major owner-operator of dry bulk tonnage.
“We are excited to welcome Peter as Genco’s next CFO. Over the past 15 years, he has established himself as a trusted leader with invaluable expertise in financial and corporate strategy,” chief executive John Wobensmith said in a statement before trading on Monday.
He praised Allen’s contributions to the outfit, which recently included work on its “differentiated value strategy” — a programme of large reduction of debt and financial costs amid a high-payout dividend strategy.
“His appointment reflects our success developing talent at the company, which has produced a deep bench of skilled, dedicated employees that will support Peter in his new role,” Wobensmith said.
Allen noted that he is taking the reins from Zafolias at a positive juncture for the owner.
“Genco is in a strong position across all facets of the company, highlighted by our industry-leading balance sheet and differentiated capital allocation strategy. We will continue to work diligently to build off of this solid financial foundation to create long-term value for shareholders,” Allen said.
Genco said Allen has frequently led cross-functional teams in projects including its IMO 2023 plan and formulating its environmental, social and governance programme.
He is one of at least three Genco managers to hold the designation of chartered financial analyst, a certification also held by Zafolias and Wobensmith, who is a former banker and CFO of the company.
Genco has traded on the New York Stock Exchange since its initial public offering in 2005.
Its fleet consists of 17 capesizes, 15 ultramaxes and 12 supramaxes with an aggregate capacity of about 4.6m dwt and an average age of 11.2 years.