Teekay announces senior management appointments

Kenneth Hvid, has been appointed Executive VP and Chief Strategy Officer at Teekay Corporation (NYSE:TK ), effective April 1. He will be located in Vancouver, Canada and will be succeeding Peter Evensen, who takes over as Teekay’s President and CEO in April 2011 as a result of the previously announced retirement of Bjorn Moller.

Ingvild Saether has been appointed Mr. Hvid’s successor as President, Teekay Navion Shuttle Tankers and Offshore, also effective April 1.

Mr. Hvid joined Teekay in 2000 from A.P. Moller, and led the company’s global procurement activities until he was promoted in 2004 to Senior VP, Teekay Gas Services. During this time, Mr. Hvid was involved in leading Teekay’s entry and growth in the LNG business. In 2006, he was appointed to his current role as President, Teekay Navion Shuttle Tankers and Offshore.

Mr. Evensen commented, “Kenneth has done an extraordinary job in growing our shuttle tanker and FSO activities and in positioning the Stavanger-based business unit for the future. With his broad expertise, natural leadership skills and strategic mindset, Kenneth is the ideal candidate to lead Teekay’s strategic initiatives.”

Ms. Saether joined Teekay in 2002 as part of the company’s acquisition of Navion from Statoil. She held various management positions in Teekay’s conventional tanker business unit before she was appointed VP, Teekay Navion Shuttle Tankers in 2007, with commercial responsibility for Teekay’s shuttle tanker activities in the North Sea.

“Ingvild has been instrumental in managing the growth of our North Sea activities including the recent successful contracting of our new generation shuttle tankers and is the natural successor as President of Teekay’s Shuttle Tanker and FSO business unit,” commented Mr. Evensen. “She is a visionary leader with passion for her work and extensive shipping experience. She has worked closely alongside Kenneth for the last few years which will ensure a seamless leadership transition.”