Overseas Shipholding Group announces board changes

AUG 5, 2015: Overseas Shipholding Group announced several changes to the Company’s Board of Directors. Joseph Kronsberg, Portfolio Analyst at Cyrus Capital Partners, Chad Valerio, Portfolio Manager at BlueMountain Capital Management and Ty Wallach, Partner at Paulson & Co. Inc., have been appointed to the Company’s Board of Directors and are joining the board. The Company also announced that Alexander D. Greene and Nikolaus D. Semaca have agreed to step down from the board.

“I’d like to take this opportunity to express my sincere gratitude to Alex and Nick for their outstanding service to the Company and the Board,” said Douglas D. Wheat, OSG’s chairman. “We appreciate their contributions and guidance in preparing the Company for the next stage of its development and we wish them well in their future endeavors.”

“On behalf of the Board, I also want to welcome Joe, Chad and Ty to OSG’s Board of Directors,” said Wheat. “They bring the exceptional vision and expertise of our investors directly to the Board, and we look forward to their contributions.”

Joseph I. Kronsberg has served in various roles at Cyrus Capital Partners, L.P. since 2006, and he is currently a Principal responsible for certain investments in the financials, shipping and energy sectors. Previously, Kronsberg worked at Greenhill & Co. as a generalist in its Mergers & Acquisitions and Restructuring departments.

Chad L. Valerio is a Portfolio Manager at BlueMountain Capital Management. At BlueMountain, Mr. Valerio is responsible for investments across a range of industries, including several in the shipping sector, and brings significant experience in financial analysis, corporate transactions, and capital markets. Prior to joining BlueMountain in 2013, he was a Director and the Head of Trading for Deutsche Bank’s U.S. Distressed Products Group. He also held roles as a research analyst in the Distressed Products Group and in investment banking in the Consumers and Mergers & Acquisitions groups at Deutsche Bank, where he was employed since in 2002.

Ty E. Wallach is a Partner at Paulson & Co. Inc. and a Co-Portfolio Manager of Paulson’s credit funds. Since joining Paulson in 2008, he has led numerous investments in the debt and equity of distressed and leveraged companies. Prior to joining Paulson, Wallach was a Partner and Managing Director at Oak Hill Advisors, serving most recently as Co-Head of European Investments. He currently serves on the board of directors of ESH Hospitality, Inc., as well as on the boards of two non-profit organizations, Focus for a Future Inc. and New Heights Youth, Inc.