Overseas Shipholding Names Douglas Wheat Chairman, Rick Oricchio CFO

(RTTNews) - Overseas Shipholding Group Inc (OSGB) on Friday appointed Douglas Wheat as Chairman. Also it named Rick Oricchio as Senior Vice President and Chief Financial Officer, efffective January 12, 2015. The management changes, the company said, comes even as it continues with the strategy following its emergence from bankruptcy in August.

Wheat, who has served as a Director of the company since August 2014, assumes the position of Chairman from John Ray. Ray, Managing Director of Greylock Partners LLC, a restructuring advisory firm, was formerly Chief Restructuring Officer of the company during its Chapter 11 proceeding. He had agreed to serve as Chairman following confirmation of the Plan of Reorganization to assist with the transition and development of the company during the period immediately after the emergence.

Wheat currently also serves as Chairman of AMN Healthcare Services Inc and as Vice Chairman of Dex Media Inc. He previously served as Chairman of SuperMedia Inc and Playtex Products Inc. Since 2008, he has served as Managing Partner of Southlake Equity Group, a private investment firm.

Oricchio joins the company after a 30-year career with Deloitte LLP. As a partner at Deloitte, Oricchio provided tax services to the company during the Chapter 11 proceedings and has extensive knowledge about the company and its management.

Oricchio will assume the Chief Financial Officer role from Captain Ian Blackley. Captain Blackley, a 43-year veteran of the shipping industry, has been with the company since 1991 and has served as CFO since shortly after the Chapter 11 filing in 2012.

Captain Blackley has been appointed to the newly created role of Executive Vice President and Chief Operating Officer. In this capacity, Captain Blackley will play a key role in OSG's operations and in the development and execution of its strategy.