International Seaways Inc. filed SEC Form 8-K: Leadership Update
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November 25, 2024 (
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Section 5 – Corporate Governance and Management
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On November 22, 2024, Mr. Douglas Wheat resigned from the Board of Directors (the “Board”) of International Seaways, Inc. (the “Company”), and from his role as Chairman of the Board, both with immediate effect. Mr. Wheat’s resignation was not the result of any disagreement with the Company or the Board on any matter relating to the Company’s operations, policies or practices.
In recognition of his transformational years of service, following his resignation, the Board appointed Mr. Wheat to the honorary position of Chairman Emeritus. Mr. Wheat’s previously granted stock-based director fees will be treated as fully vested and the Company will not seek reimbursement of cash director fees paid in advance for the fourth quarter. In consideration of the Company’s and the Board’s ability to continue to seek advice from him as Chairman Emeritus, the Company will pay Mr. Wheat approximately $500,000 pursuant to a consulting arrangement.
On November 22, 2024, effective upon Mr. Wheat’s resignation, the Board appointed Captain Ian Blackley, a member of the Board since 2016 when the Company was spun off from its predecessor, to serve as Chairman. The size of the board was also reduced from 10 to 9 directors, an action that is in line with recommendations previously received from some of the Company’s largest stockholders
“Doug Wheat has been an exceptional Chairman for International Seaways,” stated Captain Blackley. “Since the Company became a standalone public entity in December 2016, Doug has led the transformation of International Seaways into a multi-billion-dollar organization focused on the safe and reliable seaborne transportation of energy, while maintaining a balanced business model to support future growth. On behalf of the International Seaways Board of Directors and Management, we extend our heartfelt gratitude to Doug for his dedication and service to the Company.”
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| INTERNATIONAL SEAWAYS, INC. | |||
| (Registrant) | |||
| Date: November 25, 2024 | By | /s/ James D. Small III | |
| Name: | James D. Small III | ||
| Title: | Chief Administrative Officer, Senior Vice President, Secretary and General Counsel | ||