Diana moves to replace Genco board as proxy fight looms 

The six “highly qualified” shipping executives are expected to stand for election at Genco’s 2026 annual shareholders’ meeting. Diana is Genco’s largest shareholder, holding approximately 14.8% of its common shares.

On 13 January, Genco announced that its board had unanimously rejected Diana’s non-binding, indicative proposal, stating that it “materially undervalues Genco.” The US-based company subsequently proposed a reverse takeover, in which Genco would acquire Diana using a combination of cash and equity.

Diana expressed strong disappointment at Genco’s decision, dismissing the counterproposal as a tactic with no meaningful purpose.

Call for a ’refreshed’ board

“As Genco’s largest shareholder, we believe we have a duty to act in response to the board’s failure to properly consider our offer,” said Diana chief executive Semiramis Paliou.

The Greek shipping company noted that Genco’s board “took more than six weeks to respond to the offer, during which time they failed to engage with Diana regarding the financial or structural elements of the proposal.”

“Our decision to nominate highly qualified, independent director candidates reflects our conviction that Genco shareholders deserve a refreshed board – one that will be open to exploring strategic alternatives to maximise shareholder value, including engaging in good faith with respect to our highly compelling value creation opportunity,” Ms Paliou added.

The nominees

Diana’s nominees bring decades of experience in the shipping industry. 

• Gustave Brun-Lie has more than 40 years of experience, having served on the boards of Wilhelmsen Ship Management, R S Platou, and Torvik’s Rederi, among others. 
• Chao Sih Hing Francois, co-founder and chairman of the Hong Kong Chamber of Shipping, has also served as a director at Wah Kwong. 
• Paul Cornell brings over 35 years in the industry, having served as chief financial officer and managing director at Quintana Capital Group. 
• Jens Ismar previously served as chief executive at Western Bulk and as executive director at Exmar. 
• Viktoria Poziopoulou, a lawyer with roughly 35 years of experience, recently completed a five-year term as general counsel at Greece-based dry bulk manager Pavimar.
• Finally, Quentin Soanes has served as chairman of the Baltic Exchange and as an executive director at Braemar.