Genco Shipping names CEO John Wobensmith as chairman

Genco Shipping & Trading Limited (NYSE: GNK) announced the retirement of James G. Dolphin from its board of directors and the appointment of Chief Executive Officer John C. Wobensmith as chairman, according to a company statement.

The company also named Kathleen C. Haines as lead independent director as part of its succession planning process. Dolphin served on Genco's board for 11 years, including four years as chairman.

Dolphin stated his retirement was not the result of any disagreement with the company's strategy, operations, policies or practices. Haines has served as a Genco director since May 2017 and previously held executive positions at maritime companies including Heidmar Inc., where she was chief financial officer and treasurer from July 2012 to May 2020.

The newly created lead independent director position includes responsibilities such as presiding at executive sessions of independent directors, serving as liaison between the chairman and independent directors, and approving board meeting agendas and information.

Genco describes itself as the largest U.S.-headquartered drybulk shipowner focused on global commodity transportation. The company operates a fleet of 43 vessels with an average age of 12.6 years and aggregate capacity of approximately 4.6 million deadweight tons, including agreed-upon acquisitions.

The appointments reflect the board's focus on maintaining independent oversight while combining the chairman and CEO roles under Wobensmith's leadership. Haines currently serves on the board of trustees of the Seamen's Church Institute and is treasurer of the U.S. affiliate of Women's International Shipping and Trading Association.

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