Danaos Corp announced that Iraklis Prokopakis will retire as the container ship owner’s chief operating officer, with deputy Dimitris Vastarouchas named as his replacement.

Prokopakis will keep his position on the New York-listed tonnage provider’s board of directors but will also retire from his senior vice president role.

The changes will take place in the fourth quarter.

Prokopakis has been chief operating officer at the Athens-headquartered Danaos Corp since 1998.