Eagle Bulk ceo Zoullas flies towards the exit

In a statement Eagle Bulk said Zoullas delivered a written notice to the Company that alleged to be a Notice of Termination for Good Reason of his employment agreement. Under the agreement the company has 30 days in which to correct the situation.

The dry bulk shipowner said it had asked Zoullas to step back from his day-to-day duties and it was reviewing the matters.

"The board is proceeding prudently – yet expeditiously – to resolve this matter with Mr. Zoullas,” said Paul M. Leand, Jr., chairman of the board. “At the same time, Eagle Bulk's senior management, chartering and technical management professionals are focused on ongoing operational excellence while serving counterparties, business partners and other key stakeholders around the world."

Randee Day, president and ceo of Day & Partners, LLC, a financial advisory and maritime consulting firm, has been appointed as interim ceo.

Eagle Bulk exited Chapter 11 restructuring last October retaining Zoullas as ceo and the existing management team.