Teekay Corporation Announces Changes to Board of Directors
March 15 2019 - 6:50AM
Teekay Corporation (Teekay or the Company) (NYSE:TK) announced
today the following changes to its Board of Directors, which are
expected to be effective at the Company’s Annual General Meeting
(AGM) on June 10, 2019:
- 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. Mr.
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 Mr. Utt in
June 2019. Mr. Schellenberg has also been nominated to stand
for election to join Teekay Tankers’ Board effective at Teekay
Tankers’ AGM on June 12, 2019.
- 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 Mr. Day.
- In addition, Peter Antturi has been nominated to stand for
election at the Company’s AGM to join the Company’s Board.
With these changes, the Company will be reducing
the size of its Board of Directors from nine members currently to
seven members.
“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.”
“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,” commented Mr. Hvid.
“In addition, I look forward to welcoming Peter to the Teekay Board
and working with him in the future.”
David Schellenberg
Mr. Schellenberg brings over 25 years of
financial and operating leadership experience. Mr.
Schellenberg is currently a Managing Director and Principal with
Highland West Capital, a private equity firm in Vancouver, Canada.
Prior to that, Mr. Schellenberg was with Conair Group and its
subsidiary Cascade Aerospace, specialty aviation and aerospace
business, from 2000 to 2013 and was President and CEO from 2007 to
2013. Mr. Schellenberg also acted as a Managing Director in
the Corporate Office of the Jim Pattison Group, Canada’s second
largest private company, from 1991 to 2000. Mr. Schellenberg
is a member of the Young Presidents’ Organization and holds an MBA
and is a Fellow of the Chartered Professional Accountants of Canada
(FCPA, FCA).
Peter Antturi
Mr. Antturi brings 34 years of financial and
operational experience in the shipping industry. Mr. Antturi serves
as an executive officer and director of Teekay’s largest
shareholder, Resolute Investments, Ltd. (Resolute) and other
subsidiaries and affiliates of Kattegat Limited, a parent company
of Resolute. Mr. Antturi is also an executive officer and
owner of Anglemont Financial Services Ltd., a joint venture with
Kattegat Limited that provides financial services to Kattegat
Limited and its subsidiaries. Mr. Antturi previously worked with
Teekay from 1991 through 2005, serving as President of Teekay’s
shuttle tankers division and as Teekay’s Senior Vice President,
Chief Financial Officer and Controller and in other finance and
accounting positions. Prior to joining Teekay, Mr. Antturi held
various accounting and finance roles in the shipping industry since
1985.
About Teekay
Teekay Corporation operates in the marine
midstream space through its ownership of the general partner and a
portion of the outstanding limited partner interests in Teekay LNG
Partners L.P. (NYSE:TGP) and an interest in the general partner and
a portion of the outstanding limited partner interests in Teekay
Offshore Partners L.P. (NYSE:TOO). The general partners own all of
the outstanding incentive distribution rights of these entities. In
addition, Teekay has a controlling ownership interest in Teekay
Tankers Ltd. (NYSE:TNK) and directly owns a fleet of vessels. The
combined Teekay entities manage and operate total assets under
management of approximately $17 billion, comprised of approximately
220 liquefied gas, offshore, and conventional tanker assets. With
offices in 14 countries and approximately 8,300 seagoing and
shore-based employees, Teekay provides a comprehensive set of
marine services to the world's leading oil and gas companies.
Teekay’s common stock trades on the New York
Stock Exchange under the symbol “TK”.
For Investor Relations enquiries
contact:
Ryan HamiltonTel: +1 (604) 844-6654Website:
www.teekay.com
Forward-Looking Statements
This release contains forward-looking statements
(as defined in Section 21E of the Securities Exchange Act of 1934,
as amended) which reflect management’s current views with respect
to certain future events and performance, including the expected
Board of Directors’ changes described in the release and the timing
thereof. The following factors are among those that could cause
actual results to differ materially from the forward-looking
statements, which involve risks and uncertainties, and that should
be considered in evaluating any such statement, including the
continued availability of director nominees to serve as directors
and the results of the shareholder vote at the Company’s AGM in
June 2019. Teekay expressly disclaims any obligation or undertaking
to release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in Teekay’s
expectations with respect thereto or any change in events,
conditions or circumstances on which any such statement is
based.
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