Genco Shipping & Trading Announces Appointment of John C. Wobensmith as Chairman and Kathleen C. Haines as Lead Independent Director

Company Overview - Genco Shipping & Trading Limited is the largest U.S. headquartered drybulk shipowner focused on global transportation of commodities, operating a fleet of 43 vessels with an average age of 12.6 years and an aggregate capacity of approximately 4,628,000 dwt [6]. Leadership Changes - James G. Dolphin has retired from the Board after 11 years of service, with the decision not stemming from any disagreement regarding the company's strategy or operations [1]. - John C. Wobensmith has been appointed as Chairman of the Board in addition to his role as Chief Executive Officer, while Kathleen C. Haines has been appointed as Lead Independent Director [2]. Board Governance - The creation of the Lead Independent Director role emphasizes the Board's commitment to robust corporate governance, including a strong majority of independent directors and no related party transactions [3]. - Responsibilities of the Lead Independent Director include presiding over executive sessions, serving as a liaison between the Chairman and independent directors, and managing meeting schedules to ensure adequate discussion time [4]. Strategic Vision - The Board expresses confidence in Genco's strategy, highlighting a differentiated drybulk company with a robust balance sheet and a focus on shareholder returns through drybulk cycles [3]. - John C. Wobensmith emphasizes the importance of high governance standards in creating long-term shareholder value and the company's commitment to capitalizing on growth opportunities [3].