Teekay’s CEO Evensen retires, Kenneth Hvid takes over

Teekay Corporation said its president and CEO, Peter Evensen, plans to retire at the end of January 2017, following over 13 years of service. 

The board of directors named Kenneth Hvid, currently serving as president and CEO of Teekay Offshore Group, as CEO-elect to replace the retiring Evensen, a statement by Teekay reads.

Hvid has served on the board of Teekay daughter companies, and has worked closely with all the business segments in Teekay in his previous role as Chief Strategy Officer, and has over 25 years of experience in the shipping and offshore industry.

Once the retirement comes into effect, on January 31, Evensen will also retire from his position 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 Evensen’s retirement from Teekay Offshore and Teekay LNG, Ingvild Sæther will be appointed president and CEO of Teekay Offshore Group in place of Hvid while Mark Kremin will be appointed president and CEO of Teekay Gas Group.

Kremin has over 20 years of experience in the shipping industry and, since joining Teekay Corporation in 2000, has held various positions, including in-house counsel from 2000 to 2006, vice president, Teekay Gas from 2006 to 2015 and his most recent position as president, Teekay Gas since 2015.

Teekay Gas Group is the newly formed management services company that will take over operational and strategic roles by providing services to Teekay LNG Partners and its units.

Worth noting is that since taking the position of CEO, CFO and a director of Teekay at the time of Tekay LNG Partners’ initial public offering in 2005, Teekay LNG has grown from an initial fleet of eight vessels to become one of the largest independent owners and operators of LNG carriers, with interests in 85 vessels, mid-size LPG carriers and conventional tankers.

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