Teekay Tankers Announces Changes to Board of Directors
May 29 2019 - 6:11PM
Teekay Tankers Ltd. (Teekay Tankers or the Company)
(NYSE:TNK) today announced changes to the Company’s Board of
Directors (the Board). Effective May 29, 2019, Mr. Sai W. Chu will
be joining the Board to fill the vacancy created by the resignation
of Mr. Richard Paterson. Mr. Richard Paterson, an independent
director of Teekay Tankers, has stepped down from the Board to
accept an invitation to join the board of Teekay GP L.L.C, the
general partner of Teekay LNG Partners L.P. Mr. Chu, who is
an independent director, will also serve as the Chair of the
Company’s Audit Committee and as a member of the Board’s Conflicts
Committee and Governance Committee.
“Sai brings a wealth of financial and shipping
expertise to Teekay Tankers,” commented Arthur Bensler, Chair of
the Board. “We are very pleased that he has agreed to join
our Board, and we look forward to his contribution as we continue
to execute on our strategy in the years to come.” Mr. Bensler
continued, “Richard has made an invaluable contribution during his
tenure. On behalf of the Company, we are grateful for his service
and dedication to TNK and look forward to continuing to work with
Richard on the TGP board.”
Mr. Chu brings extensive
financial experience to the Company with over 30 years of finance,
operations and strategy experience primarily with public companies
in shipping, specialty finance, utilities and technology.
From 2007 to 2015, he was Chief Financial Officer of Seaspan
Corporation (NYSE:SSW), a containership lessor, and from 2004 to
2007 he served in various financial roles within its related
companies. From 1995 to 2004 he held financial roles with
other companies, including BC Gas Inc. Since 2017, he has
been Chief Financial Officer of UrtheCast Corporation, a TSX-listed
company involved in data, geo-analytics and engineering services
with global operations. Mr. Chu is a member of the Institute
of Chartered Professional Accountants of Canada.
About Teekay Tankers
Teekay Tankers currently owns a fleet of 56
double-hull tankers, including 30 Suezmax tankers, 17 Aframax
tankers, nine Long Range 2 (LR2) product tankers, and three
ship-to-ship support vessels, and has eight contracted time
charter-in vessels. Teekay Tankers’ vessels are typically employed
through a mix of short- or medium-term fixed-rate time charter
contracts and spot tanker market trading. The Company also owns a
Very Large Crude Carrier (VLCC) through a 50 percent-owned joint
venture. In addition, Teekay Tankers owns a ship-to-ship transfer
business. Teekay Tankers was formed in December 2007 by Teekay
Corporation as part of its strategy to expand its conventional oil
tanker business.
Teekay Tankers’ common stock trades on the New
York Stock Exchange under the symbol “TNK.”
For Investor Relations enquiries
contact:
Ryan HamiltonTel: +1 (604) 609-2963Website:
www.teekay.com
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