Hvid to Take Over as Teekay President and CEO

Teekay Corporation’s board of directors has elected Kenneth Hvid to succeed current president and CEO, Peter Evensen, who will retire January 31, 2017 after more than 13 years with the company. Hvid is presently serving as president and CEO of Teekay Offshore Group Ltd.

“Kenneth Hvid is the natural successor to Peter Evensen as CEO of Teekay at this time,” said Teekay's Chairman, Sean Day. “He has had multiple roles in his 16 years at Teekay, including leadership positions in offshore, LNG, tankers, strategy and operations, as well as having worked extensively in Vancouver and Norway.”

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. He has more than 25 years of experience in the shipping and offshore industry, having worked in Hong Kong, San Francisco, Copenhagen, Stavanger and Vancouver. In addition to his roles in Teekay, he has also served on a number of industry boards, including the Gard P&I Club Board since 2007 and is the Chairman of Tanker Investments Ltd.

Evensen will also retire from his positions as CEO and CFO of Teekay LNG Partners L.P. and Teekay Offshore Partners L.P. and his board positions at Teekay, Teekay LNG, Teekay Offshore and Teekay Tankers Ltd. He will be retained as an advisor following his retirement to help with the transition.

Furthermore, Ingvild Sæther will be appointed President and CEO of Teekay Offshore Group Ltd. in place of Hvid; and Mark Kremin will be appointed President and CEO of Teekay Gas Group Ltd. 

“It has been an honor and privilege to lead this company, and I am very confident that Kenneth Hvid is the right person to be my successor to lead Teekay into the next phase of its strategy,” Evensen said. “Teekay's success is largely about how we work together as a team not only within the company but also with our customers and business partners. The decline in the oil price has significantly affected our energy customers. Faced with these challenges, the Teekay team has responded with resilience, adapting to the new environment in many ways, including implementing cost reduction programs while maintaining our high safety standards, increasing focus on efficient operations, and systematically completing the financing of our existing growth projects which, once delivered, are expected to increase Teekay's future consolidated cash flows.”

Since Evensen became CEO in 2011, he has built on its daughter company structure and partnering model to expand Teekay's broad service offerings to its customers in the oil and gas industry. Today, the company is one of the world's largest independent operators of liquefied natural gas (LNG) carriers; the world's largest operator of shuttle tankers; a leader in floating production, storage and offloading (FPSO) units; and the largest operator of medium-sized crude oil tankers. The combined Teekay entities currently manage and operate consolidated assets of approximately $13 billion, comprised of approximately 220 liquefied gas, offshore, and conventional tanker assets, and have forward fee-based contracted revenue totaling over $20 billion.

“In Peter's many leadership positions at Teekay, he has brought dynamism and strategic thinking that has enabled Teekay to expand and grow into the company that it is today,” Day said. “He was the architect of our innovative daughter company structure that provided a low-cost source of capital, which enabled us to build our market-leading businesses, and, with a solid team in place, Teekay is well-positioned to take the Company into the next phase of its strategy.”