The Board of Directors of Eagle Bulk Shipping Inc. announced that it has appointed Stanley H. Ryan, a current Eagle Bulk Board member and former global co-leader of Cargill's Agricultural Supply Chain businesses, as Chief Executive Officer, effective March 6, 2015. Mr. Ryan succeeds Sophocles N. Zoullas who has resigned from all positions at the company. In addition, Mr. Zoullas and the company have entered into a Separation Agreement and General Release.

Concurrent with Mr. Ryan's appointment as Chief Executive Officer, he has resigned from the audit committee of the board. The board has appointed Bart Veldhuizen, a director of the company, to the audit committee. With Mr. Ryan's appointment as Chief Executive Officer, the board has further determined that Randee Day's service as interim President of the company, originally announced on February 25, is no longer necessary.

As a result, Ms. Day has resigned from her position as interim President but will continue to serve as a director of the company, including as a member of the board's audit and nominating and corporate governance committees. Stanley H. Ryan served most recently as Corporate Platform Leader at Cargill Inc. based out of Shanghai, China, from January 2011 through June 2014. Mr. Ryan was a global co-leader of Cargill's Agricultural Supply Chain businesses and also served as a member of the company's global Corporate Center.