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Aegean Marine Petroleum Network (NYSE: ANW) stock had a rough time in May, but things are looking up as June gets underway. The stock is up 8.2% as of 3:30 p.m. EDT.
A miserable first-quarter earnings report was to blame for much of Aegean's troubles last month -- that, and the company management that ran Aegean aground. Today, Aegean announced it's taking some first steps to right the ship.
President E. Nikolas Tavlarios is resigningeffective immediately, and Aegean is forming "an interim leadership team" to "oversee the Company's operations and strategic initiatives until a new President has been appointed."
One key Aegean executive will be looking for a new job. Image source: Getty Images.
In addition to seeking new management, Aegean Chairman Peter C. Georgiopoulos noted that the company is "implementing our plan to shift toward a more asset-light model and enhance efficiency across our operations." The most concrete goal set so far: Cutting annual operating expenses "by $20 million by June 2018."
Given that Aegean only earned $41.5 million in profit last year, and that a $20 reduction in costs could potentially yield a 50% increase in profits, I'd say investors are right to be excited.
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