The Board of Directors of American Shipping Company ASA (Oslo: AMSC) has today appointed Dag Fasmer Wittusen as the new President and CEO of the company effective July 1, 2011.
Mr. Wittusen (born 1944) comes from the position of Special Advisor of Aker ASA and Board Member of American Shipping Company. He has held numerous executive positions within the Aker Group, including CEO of Aker Finans AS, Executive Director of TH Global (ex Kvaerner PLC), member of various Aker boards, Executive Vice President of Aker RGI, and Managing Director of RGI. He was a co-founder of investment banking group Orkla Finans and principal advisor to RGI. He is also a former Vice President of Eksportfinans and Loan Officer at the World Bank. He holds a BA from Brown University and an MPA from Princeton University. Mr. Wittusen is a Norwegian citizen. He holds 10.000 shares in American Shipping Company ASA.
"We are very pleased that Mr. Wittusen has accepted the position of President and CEO of AMSC", says Chairman of the Board, Annette Malm Justad. "As a Board member of AMSC he knows the business from the inside. In addition he has extensive experience in international finance, investment banking, restructuring and management. We are convinced that he will be a great asset for the company going forward."
Mr. Wittusen succeeds Gregory J. Matecki who resigned last month (ref. AMSC's release April 12).
Also effective July 1, Ms. Leigh Jaros, presently Controller of American Shipping Company, is being promoted to the additional position of CFO of the company.
Mr. Wittusen will resign as a board member of AMSC prior to assuming the position of CEO. An extraordinary shareholders' meeting will be called shortly for the purpose of electing a new board member.
About American Shipping Company ASA
American Shipping Company ASA owns and leases world class US Jones Act vessels for operations between ports in the United States. The Company is headquartered in Oslo, Norway, with its principal operating subsidiaries located in Philadelphia, Pennsylvania, USA. The Company is listed on the Oslo Stock Exchange (AMSC).
AMSC presently owns and bareboat charters out ten double hull 46,000 dwt product tankers, all recently built at Aker Philadelphia Shipyard, to capitalize on OPA 90's legislative requirement of double hull vessels in US waters.
For further information please contact:
Annette Malm Justad
Chairman of the Board
+47 95 20 93 96