LNG shipper GasLog said that its chief financial officer (CFO) Alastair Maxwell has decided to step down from his position.
Following the company’s decision to base its senior management in Greece, Maxwell decided not to relocate and will step down on June 30, 2020.
GasLog and its New York-listed spinoff GasLog Partners have appointed Achilleas Tasioulas, who is presently deputy CFO, as CFO, effective July 1, 2020.
During this period, Maxwell will work closely with Achilleas to ensure an orderly transition of responsibilities and he will remain available after leaving to provide his experience and advice if required.
Maxwell joined GasLog in February 2017 following 29 years in investment banking and was appointed CFO of GasLog and GasLog Partners in March 2017.
Tasioulas became Deputy CFO of GasLog in December 2019. He joined GasLog in October 2014 as a financial controller and his role was expanded to chief risk officer, financial controller and head of tax in August 2017.
Achilleas is also a board member of Gastrade and a director of several group units. Immediately prior to joining GasLog, Achilleas was a corporate controller for NYSE-listed Danaos Corporation for 6 years.
GasLog posts first-quarter loss
The shipper reported a $51.4 million loss for the quarter ended March 31, 2019.
This compares to a $10.9 million loss reported in the first quarter of 2019.
The plunge into a loss is mainly attributable to the unfavorable movement in non-cash marked-to-market valuations of its derivative financial instruments.
Revenues were $165.9 million for the quarter ended March 31, 2020. This compares to $166.5 million for the quarter ended March 31, 2019.
The decrease was mainly driven by the expiration of the initial time charters of the Gaslog Saratoga, the Methane Jane Elizabeth and the Methane Alison Victoria, increased off-hire days for scheduled dry-dockings and a further decrease in revenues from GasLog’s vessels operating in the spot market in both periods.