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Mr Gaffney will also serve on the company's audit committee and corporate governance, nominating and compensation committee.
Mr Gaffney is currently the executive vice president of First Solar, a US-based manufacturer of solar modules using a thin film semiconductor technology.
Polys Hajioannou, chairman and CEO of Safe Bulkers, said: "Mr Sakellis, who joined the board of directors during our initial public offering, has served the company in a dedicated and professional manner. I wish to take this opportunity to thank him for his contributions and wish him the best in all future endeavors."
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