Written by
Micheal Angell

06 Oct 2017

Capital Products names new chairman

06 Oct 2017 • by Micheal Angell

Capital Product Partners elevated Keith Forman to the role of non-executive chairman of the board of the partnership.

Forman, 59, already sits as an independent director of the partnership, a role he has held since April 2007. He will stay on in his roles on the board's conflicts and audit committees.

His appointment to the chairman's spot was pegged to his extensive background in limited partnership business structures.

Forman held executive roles at other limited partnerships in energy and natural resources sectors. He was also vice president of finance for energy producer El Paso and chief financial officer at midstream energy company GulfTerra Energy Partners.

Forman said he looks "forward to working with the board and management of the general partner in developing and executing the Partnership's growth strategy going forward."

He will replace Ioannis Lazaridis, who resigned as chairman of the board of the partnership in September 2017.

Lazaridis, who has served as chairman since 2014, said, that Forman's "wealth of experience and deep knowledge of master limited partnerships" will suit him well to the role.

"With the recently announced new credit facility intended to refinance, together with available cash, most of the Partnership's indebtedness, I believe that the Partnership is in an excellent position to seek new growth opportunities," Lazaridis said.

The partnership also previously announced the replacement of Pierre Demandolx-Dedons from the board of directors with Rory Hussey, a former ING Bank and Citibank executive with extensive experience in ship finance.