The Board of Directors of Eagle Bulk Shipping, a Marshal Islands-based owner of Supramax dry bulk vessels, has asked its Chief Executive Officer Mr. Sophocles N. Zoullas to temporarily refrain from his day to day duties. On February 19, 2015, Mr. Zoullas delivered a written notice to the company that alleged to be a Notice of Termination for Good Reason of his employment agreement.
Pursuant to the terms of the agreement, Eagle Bulk has 30 days to cure any event or circumstance that would constitute good reason for termination.
As a result, the board has launched a review of these matters.
“The Board is proceeding prudently – yet expeditiously – to resolve this matter with Mr. Zoullas. At the same time, Eagle Bulk’s senior management, chartering and technical management professionals are focused on ongoing operational excellence while serving counterparties, business partners and other key stakeholders around the world, ” Paul M. Leand, Jr., Chairman of the Board, commented.
Randee E. Day has been appointed as interim President of the Company, effective immediately.