Behind a big fat Greek divorce

摘要

A month ago, the idea of Gerassimos Strintzis leaving his ferry company Blue Star Maritime to go to rival Hellas Flying Dolphins would have seemed a most unlikely development. Yet he quit on 8 June as chairman and CEO of the market leader, Blue Star, which from 2000 to 2002 took delivery on five ro-pax newbuilding ferries and yet boasts the lowest debt leverage of all Greek ferry companies. And now he's running HFD. Why? The answer must be sought first in his relationship with Pericles Panagopoulos, the boss of Attica Holdings, which owns Superfast Ferries. In 1999, Panagopoulos acquired a 48.6% stake in Blue Star (formerly Strintzis Lines) giving him control of the Athens-listed company. Strintzis no longer had the power to make strategic decisions for the company he created. Apart from differences in management style between the two men, lately Panagopoulos has developed plans that might not have met with the approval of Strintzis.