Overseas Shipholding Group, owner of four LNG carriers, said that Robert Johnston, President and Chief Executive Officer, will retire from the company.
He will continue to advise OSG as a consultant through mid-2015.
“Bob’s contributions to OSG’s success over the past 45 years cannot be overstated,” said John Ray, Chairman of the Board of OSG . “He is an incredibly skilled shipping operator and industry leader, and he was instrumental in our ability to maintain uninterrupted, high-quality service to our customers during our restructuring. On behalf of the Board of Directors and the entire OSG family, I would like to thank him for his decades of service and wish him well in his retirement. I am very pleased that we will continue to benefit from his knowledge and experience as a consultant.”
Johnston commented, “OSG is an extraordinary company with a talented team of employees. It has been an honor to come to work here every day for the past 45 years. As we complete the restructuring, I can leave the company confident in our new financial position, our customer commitment and our attractive long-term prospects.”
The company will immediately commence a search for Johnston’s replacement. OSG said it is confident it will attract a world-class candidate to lead the company as it explores opportunities for growth in a dynamic energy market both in the U.S. and internationally.
Press Release, August 12, 2014; Image: OSG