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Teekay to appoint new President and CEO

Published by , Senior Editor
LNG Industry,

Teekay Corp. has announced that its President and Chief Executive Officer (CEO), Peter Evensen, plans to retire effective 31 January 2017 after more than 13 years of service with Teekay.

The Board of Directors has appointed Kenneth Hvid as CEO-elect to succeed Mr Evensen. Mr Hvid is currently the President and CEO of Teekay Offshore Group Ltd.

Mr Evensen will also retire from his position as CEO and Chief Financial Officer (CFO) of Teekay LNG Partners L.P. and Teekay Offshore Partners L.P., and his board positions at Teekay, Teekay LNG, Teekay Offshore, and Teekay Tankers Ltd.

Ingvild Sæther will be appointed President and CEO of Teekay Offshore Group Ltd in place of Mr. Hvid, and Mark Kremin will be appointed President and CEO of Teekay Gas Group Ltd.

Mr Evensen will be retained as an advisor following his retirement as President and CEO.

Mr Evensen said: "It has been an honour and privilege to lead this company, and I am very confident that Kenneth Hvid is the right person to be my successor to lead Teekay into the next phase of its strategy […] Teekay's success is largely about how we work together as a team not only within the company but also with our customers and business partners. The decline in the oil price has significantly affected our energy customers. Faced with these challenges, the Teekay team has responded with resilience, adapting to the new environment in many ways, including implementing cost reduction programs while maintaining our high safety standards, increasing focus on efficient operations, and systematically completing the financing of our existing growth projects which, once delivered, are expected to increase Teekay's future consolidated cash flows."

Mr Hvid added: “I am excited and honoured to take on this role […] I look forward to leading our talented and dedicated team as we enter the next phase of Teekay's strategy that takes into account the current industry challenges and opportunities as well as building upon our past accomplishments.”

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