International Seaways, Inc. announced that Douglas D. Wheat, who retired from the Board of Directors on November 22, 2024, has been engaged as a consultant and special advisor to the Board and Chief Executive Officer. This agreement ensures continued access to his expertise as Chairman Emeritus during an advisory period.
Under the terms of the agreement, Mr. Wheat will provide general advisory services for a maximum of four hours per week. He will receive a total consulting fee of $500,000, payable in two equal installments, for his services.
Additionally, all of Mr. Wheat's outstanding company equity awards accelerated and vested in full as of his resignation date. This arrangement facilitates a smooth transition and retains valuable institutional knowledge for the company's strategic direction.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.