Performance Shipping Inc. announced that Mr. Anastasios Margaronis, Mr. Nikolaos Petmezas and Mr. Ioannis Zafirakis have resigned from the Board of Directors due to other business commitments. The Company’s Board of Directors has appointed Mr. Christos Glavanis and Ms. Aliki Paliou to the Board of Directors, effective as of the date hereof, to fill the existing vacancies created by the resignations of Messrs Margaronis and Petmezas. Mr. Glavanis will be appointed as Chairman of the Company’s Compensation Committee. The Company also announced that effective 28 February 2020, as part of a long-term management succession plan, Mr. Anastasios Margaronis has resigned from his position as the Company’s President, Mr. Ioannis Zafirakis has resigned as the Company’s Chief Strategy Officer and Secretary, and Mrs. Semiramis Paliou has resigned as the Company’s Chief Operating Officer, in order to devote substantially all of their business time to other endeavors. The Company’s Board of Directors has appointed Mr. Michalopoulos as Secretary to replace Mr. Zafirakis, effective as of the date hereof. The above-referenced management succession plan also included the appointment of Mr. Andreas Michalopoulos to the position of Deputy Chief Executive Officer, as previously announced on October 31, 2019.