Since CEOs apptmt in Jan 2004 - - almost $1.8 BILLION of value (OSG + DHT) obliterated
from the OSG website today
Morten Arntzen was appointed President and Chief Executive Officer of OSG in January 2004. Since his arrival, Mr. Arntzen has led OSG through a period of strong growth by focusing on a balanced growth strategy and a disciplined financial and investment philosophy. Under Mr. Arntzen's leadership, the Company has grown within its three market segments - crude oil, products and U.S. Flag - nearly doubling its fleet from 53 operating and newbuild vessels to a fleet of more than 100 ships that transport petroleum and gas products worldwide.
I just checked. Executive compensation at OSG increased substantially for four of the top five executives in 2011. The only one whose compensation did not increase was the CEO. As many companies do, they make a big deal about their executives not getting increases in salary due to poor performance. However they just get it back by way of increases to "long term compensation" meaning what they give up today is deferred to increased future payments. I sold after learning of the million dollar retention bonuses being paid to some executives and would not own shares of this company under this management group. Just my opinion. Do your own research.