Euronav announces Board changes

Euronav NV has announced that the Board of Directors has unanimously appointed Carl Steen as member of the Board and has elected him Chairman, following the resignation of the following non-independent directors: Peter G. Livanos, Marc Saverys and Julian Metherell, all of which shall take effect from the close of the meeting of the Board of Directors of the Company scheduled on 3 December 2015.

The new Chairman has a breadth of experience in finance and shipping as the former head of the Shipping, Oil Services and International Division of Nordea Bank. Mr Steen also has many years of experience on boards of publicly traded companies. His standing in the international shipping and investment communities makes him a real asset to the company.

These changes are part of a process to further increase the independence and diversification of the board as the company has completed its migration to an independent public company with a highly liquid share and a wide shareholder base. Since listing on the NYSE in January 2015, Euronav has been cognisant of the need to refresh the Board in order to deal with the increasing regulation and complexity that comes from a dual listing.

Peter G. Livanos, the outgoing Chairman, said: "Having known Carl Steen for years, I am delighted that he will succeed me in the Chairman's role. The eleven years that I have spent on the Board of Euronav have been an extremely positive experience. I am proud to leave with Euronav considered first in class, having successfully navigated many challenging times. I am delighted with our financial accomplishments and particularly proud of an exceptional operational record. I am convinced that the management team under Paddy Rodgers will continue to enjoy success."

Marc Saverys, the outgoing Vice-Chairman, added: "It is with mixed feelings that I am standing down from the Euronav Board but my other shipping interests require my full attention at this point in time. I am very proud of the progress the company made especially in recent years and I have every confidence in the continued success of the Company and execution of strategy by the Board and Executive Management team."

Paddy Rodgers, CEO of Euronav, said: "On a personal level, having worked closely with Peter and Marc for many years, I will miss their counsel and guidance. Peter and Marc have left a considerable legacy at Euronav. With Carl as Chairman we will aim to continue to deliver on the foundations they were so critical in building. I would also like to take this opportunity to thank Julian Metherell for his support, service and great insight, which have been invaluable to the team at Euronav."

As from 3 December, the Board will comprise Carl Steen (Chairman), Ludovic Saverys, Daniel Bradshaw, William (Bill) Thomson, Anne-Hélène Monsellato, Alice Wingfield Digby, John Michael Radziwill, Ludwig Criel, Alexandros Drouliscos and Paddy Rodgers.

Edited from press release by Angharad Lock

Read the article online at: https://www.hydrocarbonengineering.com/refining/30112015/euronav-announces-board-changes-1709/