GasLog Partners LP Announces Chief Executive Officer and Directors Transition
05 Août 2020 - 1:00PM
GasLog Ltd. ("GasLog") (NYSE: GLOG) and GasLog Partners LP ("GasLog
Partners" or the "Partnership" and together with GasLog, the
“Group”) (NYSE: GLOP) announced today senior management and board
of director changes. Following the Group’s decision to base its
senior management in Greece, Andy Orekar has decided not to
relocate and will therefore step down from his position as the
Partnership’s Chief Executive Officer (“CEO”) on September 15,
2020. The board of directors of GasLog Partners (the “Board”) has
appointed Paul Wogan, currently CEO and Director of GasLog, as CEO
of the Partnership, effective September 16, 2020.
In addition, GasLog Partners announced changes to the Board.
Michael Gialouris, Pamela Gibson, Peter Livanos and Andy Orekar
will step down as Directors of the Partnership, effective
immediately. GasLog has appointed Julian Metherell, currently a
Director of GasLog, and Paul Wogan as Directors of the Partnership,
and Julian Metherell will also become a member of the Audit
Committee. Following these changes, the Board will be reduced in
size to five from seven directors.
Today’s announcements will result in the closing of the Group’s
Stamford office and, in conjunction with the relocation of the
Partnership’s CEO role to Greece and Board size reduction, are
expected to generate a total annualized net cost savings of
approximately $3.0 million beginning in 2021. The Head of Investor
Relations for the Group, Joseph Nelson, will continue to be based
in the US.
Andy Orekar said, “Leading GasLog Partners as CEO from its
initial public offering and helping grow the Partnership from three
to 15 LNG carriers has been an extraordinary honor. It has been
immensely rewarding to support GasLog’s growth into what today is
the leading independent LNG shipping company with an outstanding
management team. I want to thank Curt and Peter for their
inspiration and trust, and I wish Paul continued success in his
expanded role.”
Curt Anastasio, Chairman of GasLog Partners, said, “Andy’s
tenure at GasLog began at the inception of GasLog Partners nearly
seven years ago, and was marked by many notable accomplishments. He
has been a strong leader and strategic thinker as the Partnership’s
CEO during a period of challenging industry and financial market
conditions. I would like to thank Andy as well as Michael, Pamela
and Peter for their many contributions as Directors of GasLog
Partners.”
Peter Livanos, Chairman of GasLog, said, “The growth of the
Group’s fleet to 35 vessels today simply would not have been
possible without the significant equity capital raised by GasLog
Partners, all achieved under the exceptional leadership of Andy as
the Partnership’s CEO. I wish him well and continued success in his
future endeavors.”
In connection with the Board changes, the Board has approved an
amendment to the Partnership’s Sixth Amended and Restated Agreement
of Limited Partnership (the “Partnership Agreement”) that (1)
decreases the number of directors from seven to five, and (2)
provides that the Board shall consist of three Appointed Directors
(rather than four as provided under the current Partnership
Agreement) and two Elected Directors (rather than three).
Contacts:
Joseph NelsonHead of Investor RelationsPhone: +1
212-223-0643
Email: ir@gaslogltd.com
About GasLog
GasLog is an international owner, operator and manager of LNG
carriers providing support to international energy companies as
part of their LNG logistics chain. GasLog’s consolidated fleet
consists of 35 LNG carriers. Of these vessels, 19 (15 on the water
and four on order) are owned by GasLog, one has been sold to a
subsidiary of Mitsui Co. Ltd. and leased back by GasLog under a
long-term bareboat charter and the remaining 15 LNG carriers are
owned by the Company’s subsidiary, GasLog Partners LP. GasLog's
principal executive offices are at 69 Akti Miaouli, 18537 Piraeus,
Greece. Visit GasLog’s website at http://www.gaslogltd.com.
About GasLog Partners
GasLog Partners is a growth-oriented master limited partnership
focused on owning, operating and acquiring LNG carriers under
multi-year charters. GasLog Partners’ fleet consists of 15 LNG
carriers with an average carrying capacity of approximately 158,000
cbm. GasLog Partners’ principal executive offices are located at 69
Akti Miaouli, 18537 Piraeus, Greece. Visit GasLog Partners’ website
at http://www.gaslogmlp.com.
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