International Seaways Announces Board Changes and Appointment

International Seaways, Inc. recently disclosed in an 8-K filing with the Securities and Exchange Commission that Mr. Douglas Wheat has resigned from the Board of Directors and as Chairman of the Board, effective immediately as of November 22, 2024. The resignation was stated to not be due to any disagreement with the Company or its operations.

In acknowledgment of Mr. Wheat’s service, the Board has appointed him as Chairman Emeritus, honoring his years of dedication. As part of this transition, Mr. Wheat’s previously granted stock-based director fees will be considered fully vested. Additionally, the Company will not seek reimbursement for cash director fees paid in advance for the fourth quarter. To retain the ability to seek guidance from Mr. Wheat in his new position, the Company will compensate him approximately $500,000 under a consulting agreement.

Concurrently, effective upon Mr. Wheat’s resignation, Captain Ian Blackley, a longstanding member of the Board since 2016, has been appointed as the new Chairman of the Board. Furthermore, the Board size has been reduced from 10 to 9 directors – a move aligned with recommendations from some of the Company’s significant stockholders.

Captain Blackley expressed his appreciation for Mr. Wheat’s contributions, noting his pivotal role in leading the transformation of International Seaways into a substantial organization focused on safe and reliable seaborne energy transportation. The new Chairman highlighted Mr. Wheat’s efforts in maintaining a balanced business model for future growth.

Regarding the Company’s financial disclosures and Board changes, the swift restructuring underscores the commitment to effective leadership transitions and strategic decision-making to uphold the firm’s operational and growth trajectory.

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This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read International Seaways’s 8K filing here.

About International Seaways

International Seaways, Inc owns and operates a fleet of oceangoing vessels for the transportation of crude oil and petroleum products in the international flag trade. It operates in two segments: Crude Tankers and Product Carriers. As of December 31, 2023, the company owned a fleet of 73 vessels. It serves independent and state-owned oil companies, oil traders, refinery operators, and international government entities.