Premuda and Pillarstone CEO steps down

Premuda is a company formed in 1907, which was built up in recent years by Alcide Rosina, and then Stefano Rosina, to become one of the leading dry bulk shipping companies in Italy. Following the financial crisis of 2009 and dramatic collapse of charter rates in the dry bulk market, and under extreme pressure from its banks, the company went through a comprehensive financial restructuring supported by investment from Pillarstone.

Both Alcide Rosina and Stefano worked closely with Pillarstone to put in place long-term funding for the business and its employees, and, after the completion of the restructuring process occurred on March 2017, have continued to serve in the Board of Premuda. Since the end of the turn-around process, debt for equity swap and Pillarstone investment, there has been a tremendous focus on building a long term Premuda business that is faithful to its history whilst being relevant and appropriate to the market conditions we see today.

According to the guidelines of a new business plan approved as part of the turnaround process, Premuda has reshaped its fleet, exited non-core activities, sold old vessels and started to acquire new vessels.

Today the business is stable and the Board and Management Team has started to embark on a period of fleet growth. As a result, Pillarstone and Stefano have agreed that now marks a perfect point for Stefano to start a new project, in line with his aspirations.

Therefore, Stefano will step down as CEO of Premuda and become CEO of Rosina and Partners, where he will focus on sourcing and executing shipping investment opportunities. Alcide will remain as Deputy Chairman of Premuda, working closely with Chairman John Davison, the Premuda management team and Board to execute the long-term strategy already communicated to the market. Jens Martin Jensen will formally join Premuda to lead the operational management team with the purpose to focus on the delivery of best in class operational and service performance.

Commenting on the changes, John Davison, Chairman of a Premuda and CEO of Pillarstone said: “I would like to place on record my gratitude for the work that Stefano has done over the last few years to stabilise the business after the financial distress suffered by the Italian shipping sector and the help that he has given us to get Premuda to a position where we can again start to focus the business on growth and a myriad of market opportunities.”

Read the article online at: https://www.drybulkmagazine.com/shipping/03122018/premuda-and-pillarstone-ceo-steps-down/