March 15, 2019
HAMILTON, Bermuda, March 15, 2019 (GLOBE NEWSWIRE) — 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.”
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.”
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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.