Financial services veteran Jenny Chu’s appointment to the board of directors of Bermudian-based Nordic American Tankers Limited, comes at the same time Dallas-based Doug Penick will be leaving to focus his attention on other business, the company said.

The tanker company said it wished to continue a dialogue with Penick and draw on his comprehensive experience, in particular from Wall Street.

Nordic American said Chu has extensive experience of US capital markets and is familiar with the company.

A statement noted: “Most of our ships are built in South Korea and our one million barrel Suezmaxes regularly call South Korean ports.

“Jenny Chu, who is an American citizen living in Los Angeles, speaks Korean and her network in South Korea has been very valuable for NAT through the years.

“The experience of Jenny Chu with her knowledge of NAT, capital markets and Asia is important.”

Chu has more than 25 years of experience in the financial services industry as an elite wealth management specialist.