Hugo De Stoop steps down as Euronav CEO
Written by Nick Blenkey
Hugo De Stoop: “With a new Supervisory Board and strong representation from the two core shareholders, now is an appropriate time for Euronav to open a new chapter in its development.”
Just one day ahead of the company’s May 17 annual meeting, the Supervisory Board of Euronav NV (NYSE: EURN) has announced the departure of its CEO Hugo De Stoop with “immediate effect by mutual agreement,” adding that “the majority of the Supervisory Board supported this decision.”
The board said it wished to thank De Stoop for his contribution to Euronav over the past two decades and its development into a world-class leading tanker company.”
De Stoop will be available to the company as a senior advisor until the appointment of a permanent successor. Meantime, CFO Lieve Logghe is to take over as interim CEO to oversee the continuity of Euronav operations. Logghe, who, the board notes, “has driven substantial improvement across the financial structure of Euronav since joining the group in 2020,” will also continue in her role as CFO.
“I am grateful to have spent close to 20 years helping to build a great company and supporting talented people in doing so,” said De Stoop. “With a new Supervisory Board and strong representation from the two core shareholders, now is an appropriate time for Euronav to open a new chapter in its development.”
As those who have followed the saga will know, that new board is in place following a ding dong battle for control of the company between the Saverys family and interests associated with John Fredriksen. That battle was sparked by a proposed tanker mega merger between Euronav and Fredriksen’s Frontline. First announced in April of last year, the deal subsequently collapsed in January of this year.
