Euronav’s CEO, Hugo De Stoop, has left the company “with immediate effect by mutual agreement” after a battle over its strategy and direction, which has resulted in Frontline and John Fredriksen having seats on the board after a merger dispute. CFO Lieve Logghe becomes interim CEO to oversee Euronav’s operations. De Stoop will also be available to the company as a senior advisor until a permanent successor is appointed. Euronav’s Board thanked De Stoop for his contribution to the company over the past two decades and for its development into a leading world-class tanker company.
De Stoop had called the plan put forward by Saverys and CMB.Tech “flawed ideas” and was a vocal supporter of Fredriksen and the Frontline merger. De Stoop put the company on a new build program while many owners waited during the downturn and ordered six more tankers in the first quarter. The Saverys argue that Euronav must accelerate its switch to alternative fuels and adapt to ammonia and hydrogen. The dispute over the merger continues before the Belgian Arbitration Court.
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