Teekay Tankers Announces Changes to Board of Directors
March 15 2019 - 6:50AM
Teekay Tankers Ltd. (Teekay Tankers or the Company)
(NYSE:TNK) announced today the following changes to its Board of
Directors:
- William (“Bill”) Lawes, Director,
retired from the Board effective March 13, 2019, after more than 11
years with the Company’s Board.
- Bjorn Moller, Director, and Richard
(“Dick”) J.F. Bronks, Director, are not standing for re-election at
the Company’s Annual General Meeting (AGM) on June 12, 2019 and
will be retiring from the Board effective the date of the AGM,
after almost 12 years with the Company’s Board. Mr. Moller
will remain a Director of Teekay Corporation (Teekay).
- In addition, David Schellenberg,
Director of Teekay, has been nominated to stand for election to
join the Teekay Tankers Board effective at the Company’s AGM on
June 12, 2019.
With these changes, the Company will be reducing
the size of its Board of Directors from seven members currently to
five members.
“We have been privileged to have Bill, Bjorn and
Dick as members of the Teekay Tankers Board since the initial
public offering of the Company and they have been instrumental in
building Teekay Tankers’ leading market position in mid-size
conventional tankers,” commented Arthur Bensler, Chairman of Teekay
Tankers. “We also are looking forward to welcoming David to
the Teekay Tankers Board.”
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).
About Teekay Tankers
Teekay Tankers currently owns a fleet of 42
double-hull tankers, including 25 Suezmax tankers, nine Aframax
tankers, and eight Long Range 2 (LR2) product tankers, and has five
Suezmax tankers, eight Aframax tankers and one LR2 product tanker
related to capital leases and eight contracted time charter-in
vessels. Teekay Tankers’ vessels are employed through a mix of
short- or medium-term fixed rate time charter contracts and spot
tanker market trading. The Company also owns a Very Large Crude
Carrier (VLCC) through a 50 percent-owned joint venture. In
addition, Teekay Tankers owns a ship-to-ship transfer business.
Teekay Tankers was formed in December 2007 by Teekay Corporation as
part of its strategy to expand its conventional oil tanker
business.
Teekay Tankers’ common stock trades on the New
York Stock Exchange under the symbol “TNK.”
For Investor Relationsenquiries
contact:
Ryan HamiltonTel: +1 (604) 609-2963Website:
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 Tankers 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 Tankers’ expectations with respect thereto or any change
in events, conditions or circumstances on which any such statement
is based.
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