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  • 2015 August 7 16:07

    Overseas Shipholding Group announces Board changes

    NYC, NY headquartered Overseas Shipholding Group, Inc. (OSG) has made several changes to the Company’s Board of Directors. Joseph Kronsberg, Portfolio Analyst at Cyrus Capital Partners, Chad Valerio, Portfolio Manager at BlueMountain Capital Management and Ty Wallach, Partner at Paulson & Co. Inc., have been appointed to the Company’s Board of Directors and are joining the board effective August 3, 2015. The Company also announced that Alexander D. Greene and Nikolaus D. Semaca have agreed to step down from the board effective August 3, 2015, the Group said in a press release.

    Joseph I. Kronsberg, 32, has served in various roles at Cyrus Capital Partners, L.P. since 2006, and he is currently a Principal responsible for certain investments in the financials, shipping and energy sectors. Previously, Mr. Kronsberg worked at Greenhill & Co. as a generalist in its Mergers & Acquisitions and Restructuring departments.

    Chad L. Valerio, 34, is a Portfolio Manager at BlueMountain Capital Management. At BlueMountain, Mr. Valerio is responsible for investments across a range of industries, including several in the shipping sector, and brings significant experience in financial analysis, corporate transactions, and capital markets. Prior to joining BlueMountain in 2013, he was a Director and the Head of Trading for Deutsche Bank’s U.S. Distressed Products Group. He also held roles as a research analyst in the Distressed Products Group and in investment banking in the Consumers and Mergers & Acquisitions groups at Deutsche Bank, where he was employed since in 2002.

    Ty E. Wallach, 44, is a Partner at Paulson & Co. Inc. and a Co-Portfolio Manager of Paulson’s credit funds. Since joining Paulson in 2008, he has led numerous investments in the debt and equity of distressed and leveraged companies. Prior to joining Paulson, Mr. Wallach was a Partner and Managing Director at Oak Hill Advisors, serving most recently as Co-Head of European Investments. He currently serves on the board of directors of ESH Hospitality, Inc., as well as on the boards of two non-profit organizations, Focus for a Future Inc. and New Heights Youth, Inc.

    In connection with adding Messrs. Kronsberg, Valerio and Wallach, the size of OSG’s board has been increased to 10 members, effective August 3, 2015.

    About OSG
    Overseas Shipholding Group, Inc. (NYSE MKT:OSGB) is a publicly traded tanker company providing energy transportation services for crude oil and petroleum products in the U.S. and International Flag markets. OSG is committed to setting high standards of excellence for its quality, safety and environmental programs. OSG is recognized as one of the world’s most customer-focused marine transportation companies and is headquartered in New York City, NY.


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