March 15, 2019
HAMILTON, Bermuda, March 15, 2019 (GLOBE NEWSWIRE) — 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.”
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).
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.
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:
Tel: +1 (604) 844-6654
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.