Navios President to Retire

September 27, 2006

AP has reported that Greece-based Navios Maritime Holdings Inc., a dry bulk shipper, on Tuesday said President Robert Shaw will retire and named Ted Petrone to take his place. Shaw is expected to step down as president Sept. 30 but will continue serve on the board. Petrone will head Navios' worldwide commercial operations. He has spent 26 years with the company and most recently managed daily commercial Panamex activity, including trading tonnage, derivative hedge positions and cargoes.

Navios President to Retire

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