Michail Zolotas, NewLead Holdings Ltd (OTCMKTS:NEWLF) CEO, President, and Board of
Directors Chairman, has stepped down from his position effective last October 19 due to
personal reasons. Nonetheless, he is still the company’s principal shareholder.
Zolotas’ Resignation
The NewLead Holdings Board of Directors has approved the resignation of Zolotas primarily
due to a personal legal matter that is completely unrelated to the company.
Consequently, Anna Zolota, NewLead Holdings Vice President (VP) of Commercial Department,
has been appointed to assume bigger responsibilities as the company’s CEO, President, and
Board of Directors Chairman. She has been a part of NewLead Holdings since 2009.
“We will carry on enhancing the company's platform to support NewLead's growth, through a
dedicated team of people who ensure the overall efficient performance of our vessels,
capitalizing on long-standing relationships across the board while adapting to today's difficult
times for the global shipping industry,” she promised.
Bitumen Tanker Segment Performance
Earlier this year, NewLead Holdings has provided the latest update on the performance of its
bitumen tanker segment. The company has also elaborated the capabilities of the said segment.
NewLead Holdings reiterated that its bitumen tanker segment had generated an operation
revenue of about $15.70 million for the full-year 2015. In terms of production and delivery, the
company had fulfilled 515,219 tons or 3.18 million barrels of bitumen around the world.
Zolotas has boasted that the continuous, encouraging success of the company’s bitumen tanker
segment can highly be attributed to its strong partnerships with international brokers and
traders, and oil majors. Through sealing more collaborative and strategic agreements with third
party entities with the help of an adaptive chartering policy, Zolotas believes that NewLead
Holdings can carry out its expansion prospects in the long run.
Moreover, the company is also betting on the fast-paced growth of the asphalt industry. By
2020, the asphalt demand and supply will likely go beyond the 120-million- ton mark. In North
America alone, asphalt consumption is expected to rise to as much as 24.70 million tons by the
end of the decade.
NewLead Holdings has closed at $0.00015 on Friday, up by 50%.
