GasLog Ltd. and GasLog Partners LP Announce Chief Financial Officer Transition

Rhea-AI Summary

GasLog Ltd. (NYSE:GLOG) announced the resignation of CFO Alastair Maxwell effective June 30, 2020, as he opts not to relocate to Greece. Achilleas Tasioulas, currently Deputy CFO, will assume the role starting July 1, 2020. Maxwell's tenure saw significant contributions in capital raising for expansion. Tasioulas, with extensive experience in finance and risk management, aims to enhance GasLog's financial resilience. CEOs of both GasLog and GasLog Partners expressed gratitude towards Maxwell and optimism for Tasioulas's leadership.

Positive

• Achilleas Tasioulas's promotion reflects internal talent development.
• Tasioulas's experience in finance and risk management enhances the company's strategic position.

Negative

• Change in senior management may cause temporary disruptions.
• Maxwell's departure could mean loss of experienced leadership during a crucial transition.

Piraeus, Greece, May 07, 2020 (GLOBE NEWSWIRE) -- GasLog Ltd. (NYSE:GLOG) (“GasLog”) and GasLog Partners LP (NYSE:GLOP) (“GasLog Partners” or the “Partnership”) (together the “Group”) announced today that, following GasLog’s decision to base its senior management, including the Chief Financial Officer (“CFO”) position, in Greece, Alastair Maxwell has decided not to relocate and will therefore step down from his position as CFO on June 30, 2020.  The Boards of GasLog and GasLog Partners have appointed Achilleas Tasioulas, who is presently Deputy CFO, as CFO, effective July 1, 2020. During this period, Alastair will work closely with Achilleas to ensure an orderly transition of responsibilities and Alastair will remain available after leaving to provide his experience and advice, if required.

Alastair Maxwell joined GasLog in February 2017 following 29 years in investment banking and was appointed CFO of GasLog and GasLog Partners in March 2017. His wealth of experience in both energy and finance has been a major asset to the Group across all areas of the Finance function, including leading the debt and equity capital raisings to fund the Group’s expansion.

Achilleas Tasioulas became Deputy CFO of GasLog in December 2019. He joined GasLog in October 2014 as 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 subsidiaries. Immediately prior to joining GasLog, Achilleas was Corporate Controller for NYSE-listed Danaos Corporation for 6 years. He is an ICAEW Fellow Chartered Accountant, has an MSc in Project Analysis, Finance and Investments from the University of York and a BSc in Economics from the University of Macedonia in Greece.

Paul Wogan, GasLog CEO, said, “On behalf of our Chairman Peter Livanos, the Board of GasLog and the Management team, I would like to thank Alastair for the expertise, skill and guidance he has provided over the last 3 years and I wish him continued personal and professional success. I am pleased to congratulate Achilleas on his promotion to CFO. His deep commitment to GasLog, understanding of our business and hands-on experience in Controlling, Financial Reporting, Risk Management and Tax are a huge asset as GasLog focuses on financial resilience, discipline and de-leveraging.”

Andy Orekar, GasLog Partners CEO, said, “On behalf of our Chairman Curt Anastasio and the Board of GasLog Partners, I would like to thank Alastair for his outstanding support of the Partnership’s growth strategy and track record of raising capital in challenging market conditions. Achilleas’ significant contributions to the finance activities of GasLog Partners make him an ideal candidate to succeed Alastair, and his leadership capabilities, risk-based approach and management expertise will be incredibly helpful in the coming years.”

Achilleas Tasioulas commented, “I am delighted to be stepping up to be CFO of GasLog and GasLog Partners at such an important time in the LNG market and in the development of the Group.  I look forward to working closely with the rest of the leadership team to harvest our inbuilt growth and to continue to strengthen our financial position today and in the future.”

Contact: 

Joseph Nelson 
Head of Investor Relations 
Phone: +1 212-223-0643  

Email: ir@gaslogltd.com

FAQ

Who is the new CFO of GasLog Ltd.?

Achilleas Tasioulas has been appointed as the new CFO of GasLog Ltd., effective July 1, 2020.

Why is Alastair Maxwell stepping down from his role as CFO?

Alastair Maxwell is stepping down because he has decided not to relocate to Greece.

When will Alastair Maxwell's resignation take effect?

Alastair Maxwell's resignation from CFO will take effect on June 30, 2020.

What are Achilleas Tasioulas's qualifications?

Achilleas Tasioulas has extensive experience in finance, having previously served as Deputy CFO and Financial Controller at GasLog.