Image: Aegean Marine Petroleum

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Aegean Marine Petroleum Network Inc. has announced that Pavlos Papageorgiou has been appointed chief financial officer (CFO), effective immediately.

Papageorgiou succeeds Spyros Gianniotis, who will continue to act as an independent consultant to the company to help during the transition.

The news comes just over a month since Aegean posted a fourth-quarter net loss of $28.6 million, with the gross spread per metric ton of marine fuel sold falling to $15.5 from $21.1 in the prior-year period.

Papageorgiou has more than 20 years' experience in the financial services sector and most recently served as Senior Advisor at Seacor Holdings, where he worked with the executive management team.

While at Seacor, he held a number of management roles including CFO at Seacor Marine Holdings LLC (SMH) - the company's largest operating division that services the offshore oil and gas exploration, development, and production industry.

In addition to his responsibilities as CFO of SMH, Papageorgiou also helped advise management on strategy and mergers and acquisitions (M&A) activities, including deal assessment, structuring and analysis, as well as capital markets.

Prior to joining Seacor, Papageorgiou held various roles of increasing seniority at Morgan Stanley. He served as Head of Principal M&A Execution, responsible for major strategic initiatives including deal sourcing, and executing acquisitions, and, more recently, was Assistant Treasurer and Global Head of Liquidity Planning and Coverage, where he led Morgan Stanley's Global Liquidity Risk Management Framework, including the Contingency Funding Plan (CFP), governance, escalation and mitigating actions.

Papageorgiou began his career in the investment banking department at Merrill Lynch, where he specialized in Telecommunications M&A. He has a master's degree in international finance from The Grammenos Centre for Shipping, Trade and Finance at City University of London's Cass Business School and a bachelor's degree in international economics from Georgetown University's School of Foreign Service.

Commenting on his appointment, Papageorgiou remarked: "I am very excited to join the team at Aegean and look forward to helping management deliver on the company's great potential."

Yiannis Papanicolaou, Aegean's chairman, said: "We are pleased to welcome Pavlos as Chief Financial Officer of Aegean. Pavlos brings more than twenty years of extensive senior leadership experience across global marine transportation, business development and financial services. We are confident Pavlos' significant industry knowledge positions him to hit the ground running and support our ongoing efforts to drive growth, profitability and value for all Aegean stakeholders."