Teekay's Bjorn Moller to retire"

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L TO R: MOLLER, EVENSEN, CHANG

Bjorn Moller (left) will be succeeded as Teekay Corporation CEO by Peter Evensen (center) and as Teekay Tankers CEO by Bruce Chan (right)

September 29, 2010

Teekay's Bjorn Moller to retire

Bjorn Moller is to retire as President and CEO of Teekay Corporation (NYSE:TK) in the spring of 2011, after more than 25 years with the company. He will also retire from his position as President and CEO of Teekay Tankers Limited (NYSE:TNK) .

The Board of Directors of Teekay has appointed Teekay's Chief Strategy Officer and Executive Vice President, Peter Evensen, 52, as CEO-elect to succeed Mr. Moller. Mr. Evensen joined Teekay as Chief Financial Officer and Senior Vice President in 2003 after 25 years in shipping, finance and banking. He was appointed to his current role of Chief Strategy Officer in 2006.

At Teekay Tankers, the board has named Bruce Chan, 38, as CEO-elect to succeed Mr. Moller. Mr. Chan is currently President of Teekay Tanker Services, the business unit of Teekay that manages the conventional crude oil and product tanker fleets within the Teekay Group, including the commercial tonnage pools in which Teekay Tankers' spot tankers are employed. Mr. Chan will continue in his role in Teekay Corporation when he assumes the role as CEO of Teekay Tankers. He has served 15 years with Teekay Corporation and is a member of its Senior Leadership Team.


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