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Teekay makes changes to board of directors

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LNG Industry,

Teekay Corp. has released a statement announcing a number of changes to its board of directors.

All of the following changes are expected to take effect at the company’s annual general meeting (AGM) on 10 June this year:

  • 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 board. Day will remain as a Director of Teekay GP LLC (the general partner of Teekay LNG Partners LP).
  • William (Bill) P. Utt will step 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 this year. Schellenberg has also been nominated to stand for election to join Teekay Tankers’ board effective at Teekay Tankers’ AGM on 12 June this year.
  • The board has appointed Kenneth Hvid, Teekay’s President and Chief Executive Officer, to fill the vacancy on the board that will be created upon the retirement of Day.
  • In addition to this, Peter Antturi has been nominated to stand for election at the company’s AGM to join the company’s Board.

With these changes, Teekay will reduce the size of its board of directors to just seven members. Currently, it is at nine members.

Kenneth Hvid, Teekay’s President and Chief Executive Officer, said: “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.

“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.

“Since joining the Teekay board in 2017, David has brought significant financial and operational leadership to the company’s board and I look forward to continuing to work closely with him in his new role as Chairman.

“In addition, I look forward to welcoming Peter to the Teekay board and working with him in the future.”

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