US-flagged tanker company Overseas Shipholding Group, Inc. (NYSE:OSG) announced Tuesday that Samuel H. Norton will become president and CEO of the company effective December 29, 2016.
Norton will succeed Ian T. Blackley, current president and CEO, who will retire from the role of president, CEO and director of OSG at that time.
OSG says Norton is an accomplished leader with over 25 years of experience in the technical, operational, and commercial aspects of the shipping business. Most recently he has served as SVP of OSG and president and CEO of the U.S. Flag Strategic Business Unit since July 2016, and has served on OSG’s board of directors since August 2014.
NYSE-listed Overseas Shipholding Group, Inc. (NYSE: OSG) provides energy transportation services for crude oil and petroleum products in the U.S. Flag markets, and is a major operator of tankers and ATBs in the Jones Act industry. The company’s fleet consists of 24 Jones Act-qualified vessels comprising eight ATBs, two lightering ATBs, three shuttle tankers, and nine MR tankers. The company also has two non-Jones Act MR tankers that participate in the U.S. Maritime Security Program.
“We are pleased to have someone of Sam’s caliber assume the leadership of OSG,” said Douglas D. Wheat, OSG’s chairman. “His deep shipping background and track record of building businesses and orchestrating development projects around the world will serve him well as he focuses on the strategic priorities facing OSG today.”
“It is an honor and a privilege to lead OSG at this very exciting time,” said Norton. “OSG is a leading U.S Flag shipping company with a trusted operating franchise and proven track record of safe, reliable, and efficient operations. OSG’s leading and diversified portfolio in the Jones Act market and strong financial profile position us to build on the Company’s strengths, address future growth opportunities and drive shareholder value.”
Naming Norton as CEO was among other senior appointments announced Tuesday by OSG. Patrick J. O’Halloran has been appointed to serve as VP and chief operations officer with oversight of all operations, maintenance, SQE and commercial operations for the fleet of OSG. Damon Mote has been appointed to serve as VP and chief administrative officer with oversight of marine labor relations, human resources, and insurance for the Company.
“I have every confidence in Patrick and Damon in their enhanced roles, and that they will continue to contribute to our ongoing success,” said Norton. “Both have brought a wealth of experience and knowledge to their roles and have demonstrated their commitment to OSG during their tenure here. We are fortunate to have them expand their responsibilities and expertise to more areas of the organization.”