Ocean Rig CEO George Economou leaves post abruptly

  • Push-out Score suggests push-out forces
  • After around seven years in the position
  • Pankaj Khanna taking over
  • Economou spoke at length and said 91 words

(exechange) — Grand Cayman, Cayman Islands, December 29, 2017 — George Economou, chief executive of Ocean Rig, leaves the position. It is an abrupt change. As announced by Ocean Rig UDW Inc. in a news release on Friday, December 29, 2017, George Economou leaves his post as Chief Executive Officer at the provider of offshore deepwater drilling services after around seven years in the position, effective December 31, 2017.

Economou’s duties will be taken over by Pankaj Khanna, most recently Chief Executive Officer at Pioneer Marine Inc.

Prior to his position at Pioneer Marine Inc., Khanna served as Chief Marketing Officer at Ocean Rig UDW Inc. from January 1, 2012 to October 2, 2012.

Economou’s move is part of a management shake-up also involving the positions of Chief Financial Officer; and Chief Operations Officer.

“Bring focus to the development of Ocean Rig post-restructuring”

A reason for Economou’s sudden departure from the CEO post was not explicitly given. George Economou said: “We are pleased to announce the strengthening of our management team in our efforts to streamline our operations and bring focus to the development of Ocean Rig post-restructuring.”

Share price decline

The change follows a decline in the share price of Ocean Rig UDW Inc. since August 2014.

In the position of CEO since 2010

George Economou has over 40 years of experience in the maritime industry and has served as Chairman and Chief Executive Officer of Ocean Rig UDW Inc. since 2010.

He has served as Chairman and Chief Executive Officer of DryShips Inc., a diversified owner of ocean going cargo vessels, since January 2005.

He successfully took DryShips public in February 2005, on NASDAQ under the trading symbol “DRYS”.

Economou also serves as a director of Danaos Corporation, a U.S. listed containership owner.

Economou is a member of ABS Council, Intertanko Hellenic Shipping Forum, and Lloyds Register Hellenic Advisory Committee.

Economou is a graduate of the Massachusetts Institute of Technology and holds both a Bachelor of Science and a Master of Science degree in Naval Architecture and Marine Engineering and a Master of Science in Shipping and Shipbuilding Management.

Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered George Economou’s sudden move.

The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the change.

Read the full story in the exechange report 1.2018 ($).