Why Aegean Marine Petroleum Network Stock Jumped 8% Today

By Rich SmithMarketsFool.com

What happened

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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.

So what

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.

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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.

Now what

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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Rich Smith has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.