Image: Aegean Marine Petroleum

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Aegean Marine Petroleum Network Inc. on Thursday announced three key executive appointments and the establishment of a new management committee.

The three appointments are:

Kostas Polydakis, formerly Aegean's Managing Director, Shipping, has been promoted to Chief Operating Officer (COO);

John G. Mystakidis, formerly a partner at Ernst & Young and most recently a full-time consultant to the Company, has joined the Company as its Group Financial Controller and Interim Chief Financial Officer (CFO); and

Sal Drago, formerly Aegean's Global Director of Supply and Trading, has rejoined the company in the same role.

Aegean noted that both the previous COO, Manolis Chochlakis, who was appointed to the position in December 2017, and the previous CFO, Pavlos Papageorgiou, appointed in April 2018, have left the company.

New management committee

The new management committee will consist of Aegean President Jonathan McIlroy and the aforementioned Polydakis, Mystakidis and Drago.

"I am delighted to welcome Kostas Polydakis, John Mystakidis and Sal Drago - three proven executives, who have earned our respect and trust - to the Aegean senior management team," said Donald Moore, the company's Chairman and independent director of the Board. "Each brings an impressive track record creating value in our industry. Joining our President Jonathan McIlroy in a newly established Management Committee, this talented and dedicated group of leaders will streamline decision-making and execution, speeding the implementation of Aegean's long-term growth strategy," he added

Kostas Polydakis

Kostas Polydakis has more than 20 years of experience in the shipping industry, including nearly 12 years at Aegean. Most recently as Managing Director of Shipping, he oversaw the creation of the company's shipping division, growing it to a fleet of 50 tankers.

In his previous positions at Aegean as Technical Manager and Deputy General Manager of the Bunkering Services division from 2006 to 2017, Polydakis was responsible for the performance and day-to-day operations of all division departments. He also completed over 40 sale and purchase transactions and multiple newbuilding projects, in addition to successfully reducing fleet operating expenses.

John Mystakidis

John Mystakidis brings more than 25 years of experience in financial reporting, financial management and auditing. He has supported and advised clients with significant cross-border presences and foreign operations. During 11 years at Ernst & Young, he acted as Lead Partner to multiple large Greek and multinational companies, helping them to address and resolve critical financial issues. Since May, Mystakidis has served as a full-time consultant to the company.

Prior to Ernst & Young, Mystakidis was an Assurance and Business Advisory Partner at Arthur Andersen, where he supervised audits and due diligence reviews for a number of Greek and multinational clients.

Salvatore (Sal) Drago

Sal Drago has over 25 years of experience trading fuel oil, feedstock and fuel blending components for key global bunkering locations. From 2013 Mr. Drago served as Aegean's Global Director of Supply and Trading, the position to which he has returned, leading the company's arbitrage cargo movements, fuel oil blending and risk management efforts.

Previously, Drago spent nine years at Hess Corporation, where he was Managing Director, Fuel Oil and Feedstock Trading. There, he led the company's transition from a fuel oil wholesaler to a fully integrated supply and trading organization, with retail bunkering operations in five U.S. ports.