Dorian LPG (NYSE:LPG) Board of Directors Announces Appointment of New Director and Irregular Dividend Declaration

Dorian LPG Ltd. (NYSE:LPG), an international liquefied petroleum gas shipping company, disclosed its recent Board of Directors’ decisions in a Form 8-K filing with the Securities and Exchange Commission on October 24, 2024.

In a noteworthy move, the company’s Board has authorized an increase in the size of its Board from seven to eight directors. This decision, recommended by the Nominating and Corporate Governance Committee, resulted in the appointment of Mark Ross to serve as a Class III director, effective immediately. Mr. Ross, aged 61, brings a wealth of experience from his successful 34-year career at Chevron Corporation, spanning various significant roles within Chevron’s downstream, upstream, trading, and shipping divisions.

Notably, from May 2015 to May 2024, Mr. Ross assumed the role of President at Chevron Shipping Company, where he supervised a global workforce of 2,000 individuals and managed the safe and efficient operations of a modern fleet comprising 30 vessels for transporting crude oil, LNG, LPG, and refined products for Chevron’s global operations. His educational background includes a Bachelor of Science in Chemical Engineering from the University of California at Berkeley, a Master of Science in Chemical Engineering from the University of Illinois at Urbana-Champaign, and a Master of Business Administration from the University of California at Berkeley.

Moreover, the company announced the declaration of an irregular dividend of $1.00 per share of its common stock on October 24, 2024. Shareholders of record as of the close of business on November 5, 2024, will be eligible to receive the dividend, payable around November 25, 2024. The press release containing this information has been attached as Exhibit 99.1 to the filing.

The company emphasized that future declarations of dividends depend on various factors, including operational performance, financial condition, debt levels, capital requirements, legal restrictions, business outlook, and other pertinent considerations that the Board of Directors deems relevant.

The Form 8-K filing further disclosed that the information regarding corporate decisions and dividend declarations shall be considered as “furnished” to the SEC rather than “filed,” according to General Instruction B.2 to Form 8-K.

For further details and to access the full Form 8-K filing along with associated exhibits, interested parties can refer to the SEC’s official website or the company’s investor relations section.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Dorian LPG’s 8K filing here.

About Dorian LPG

Dorian LPG Ltd., together with its subsidiaries, engages in the transportation of liquefied petroleum gas through its LPG tankers worldwide. It owns and operates twenty-five very large gas carriers. The company was incorporated in 2013 and is headquartered in Stamford, Connecticut.