American Shipping Company ASA announced the appointment of Pål Lothe Magnussen as Chief Financial Officer (CFO) of the company, effective 1 June 2014. Mr. Magnussen (42) comes from the position as Director of the Investment Banking Division in DNB Markets where he has worked since 2007. Mr. Magnussen replaces Leigh Jaros, who will revert to the position of Business Controller and Finance Manager of the Company from 1 June 2014, after also having served as CFO since July 2011.