New York-listed Genco Shipping & Trading is about to get a new board chairman after a key private equity backer sold off most of its shareholding in the bulker owner.
Arthur Regan is resigning as the shipowner's executive chairman following Apollo Global Management's sale of about 90% of its shares, Genco disclosed in a public filing on Tuesday.
Regan, an operating partner at Apollo, is to keep his board seat.
