DryShips Inc. (NASDAQ:DRYS) announced the appointment of two new directors.
Mr. Anthony Kandylidis has served as the Company’s President and Chief Financial Officer since December 2016 and was previously the Company’s Executive Vice President since January 2015. In September 2006, Mr. Kandylidis founded OceanFreight Inc. and took it public in April 2007. In 2011, OceanFreight Inc. was absorbed by DryShips through a merger. Mr. Kandylidis also serves as President and Chief Financial Officer of OceanRig UDW Inc. (NASDAQ : ORIG ), an international drilling contractor and is a director of the International Association of Drilling Contractors (IADC). Mr. Kandylidis graduated magna cum laude from Brown University and continued his studies at the Massachusetts Institute of Technology where he graduated with a Master’s degree of Science in Ocean Systems Management. Mr. Kandylidis is the nephew of Mr. George Economou, the Company’s Founder, Chairman and Chief Executive Officer.
Mr. Andreas Argyropoulos worked for Ocean Rig UDW Inc. for five years in a variety of positions, including the Marketing department and then serving as Communications Manager. Before joining Ocean Rig UDW Inc. in 2012, he worked as Marketing Manager for Nike Greece from 2006-2009. He also has extensive experience in international event management. Mr. Argyropoulos received a Bachelor’s of Science degree from Boston University and a Master’s degree from the CIES/FIFA Master in Neuchatel, Switzerland. He speaks five languages fluently.
The Company’s board of directors has determined that Mr. Argyropoulos is considered to be an independent director under the SEC rules. Mr. Argyropoulos has been appointed as the third member of the Company’s Nominating, Compensation and Audit Committees.
Following the appointments of Mr. Kandylidis and Mr. Argyropoulos, the Company’s Board of Directors is now comprised of five directors, three of whom are considered independent under the SEC rules.
Shares of DryShips are currently trading at $1.27, up $0.23 or 22%. The stock’s 50-day moving average is $1.72 and its 200-day moving average is $2.32.
DryShips engages in ocean transportation services for drybulk and petroleum cargoes. The company operates its business through three segments: Drybulk and Offshore support. The Drybulk segment provides drybulk commodities transportation services for the steel, electric utility, construction and agri-food industries, which consists transportation and handling of Drybulk cargoes through ownership and trading of vessels. The Offshore Support segment consists of offshore support services to the global offshore energy industry through the operation of a diversified fleet of offshore support vessels.