Evensen to step down as Teekay boss

Oct 28 2016

Teekay Corp’s president and CEO, Peter Evensen, is to retire on 31st January, 2017.

As a result, the company has appointed Kenneth Hvid, who is currently serving as the president and CEO of Teekay Offshore Group, as CEO-elect to succeed Evensen.

Evensen will also retire from his positions as CEO and CFO of Teekay LNG Partners and Teekay Offshore Partners and his board positions at Teekay, Teekay LNG, Teekay Offshore, and Teekay Tankers.

In connection with his retirement from Teekay Offshore and Teekay LNG, Ingvild Saether will be appointed President and CEO of Teekay Offshore Group in place of Hvid; and Mark Kremin will be appointed president and CEO of Teekay Gas Group.

As part of the transition process, Evensen will be retained as an advisor following his retirement.

"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," Evensen commented. "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 programmes 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," he said.

Sean Day, Teekay's chairman said, "In Peter's many leadership positions at Teekay, he has brought dynamism and strategic thinking that has enabled Teekay to expand and grow into the company that it is today. He was the architect of our innovative daughter company structure that provided a low-cost source of capital, which enabled us to build our market-leading businesses, and, with a solid team in place. Teekay is well-positioned to take the company into the next phase of its strategy.

"Kenneth Hvid is the natural successor to Peter Evensen as CEO of Teekay at this time. He has had multiple roles in his 16 years at Teekay, including leadership positions in offshore, LNG, tankers, strategy, and operations, as well as having worked extensively in Vancouver and Norway. I am confident Kenneth's strategic mindset, his passion for the business and his strong leadership focus will ensure a seamless transition and renewed energy on the strategic opportunities ahead of us.

"By placing a high priority on talent management and succession planning over many years, the Teekay board has ensured that Teekay has strong leadership across the organisation and, as a result, Kenneth will be supported by a talented and experienced team that will ensure continuity of Teekay's vision and values going forward," he concluded. 

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