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Teekay Changes Board of Directors

Pic: Teekay

Shailaja A. Lakshmi

The marine energy transportation company Teekay Corporation and its associate company Teekay Tankers have announced changes to its Board of Directors.

Teekay Corporation said that C. Sean Day, Chairman Emeritus and Director, Tore Sandvold, Director, and Peter S. Janson, Director, are retiring from the Board after a combined 50 years with the Company's Board. Day will remain as a Director of Teekay GP LLC (the general partner of Teekay LNG Partners LP).

William ("Bill") P. Utt will be stepping down from his role as Chairman and Director of the Company and as a Director of Teekay GP LLC, but will remain as Chairman and Director of Teekay Offshore GP LLC (the general partner of Teekay Offshore Partners LP).

The Board has selected current Teekay director, David Schellenberg, to take over as Teekay's Chairman from Utt in June 2019. Schellenberg has also been nominated to stand for election to join Teekay Tankers' Board effective at Teekay Tankers' AGM on June 12, 2019.

"We have been privileged to have Sean, Tore and Peter as members of the Teekay Board and they have been instrumental in Teekay's transformation from primarily an owner of ships in the cyclical spot tanker business into a diversified marine midstream company, including the establishment of our three Daughter Companies," commented Kenneth Hvid, Teekay's President and Chief Executive Officer.

"We have also been fortunate to have Bill's leadership and guidance as Teekay's Chairman over the past two years and we are pleased that Teekay Offshore will continue to benefit from Bill's extensive offshore expertise. On behalf of the Teekay Board, I would like to thank Sean, Tore, Peter and Bill for their significant contributions to the Company over their tenures," he added.

Meanwhile, Teekay Tankers said that William ("Bill") Lawes, Director, retired from the Board effective March 13, 2019, after more than 11 years with the Company's Board.

Bjorn Moller, Director, and Richard ("Dick") J.F. Bronks, Director, are not standing for re-election at the Company's Annual General Meeting (AGM) on June 12, 2019 and will be retiring from the Board effective the date of the AGM, after almost 12 years with the Company's Board. Moller will remain a Director of Teekay Corporation.

"We have been privileged to have Bill, Bjorn and Dick as members of the Teekay Tankers Board since the initial public offering of the Company and they have been instrumental in building Teekay Tankers' leading market position in mid-size conventional tankers," commented Arthur Bensler, Chairman of Teekay Tankers. "We also are looking forward to welcoming David to the Teekay Tankers Board."

Mar 15, 2019


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