Euronav’s longtime CEO Hugo De Stoop has been fired Ship’s crew

Surprisingly, Euronav has announced that the company and its longtime CEO Hugo De Stoop are parting ways, effective immediately.

His departure was by mutual agreement with Euronav’s newly appointed board of directors. The majority of board members supported the decision.

Euronav NV (NYSE: EURN & Euronext: EURN) is a well-known tanker company listed on the NYSE and Euronext. De Stoop’s departure marks the end of his two-decade tenure at the company.

Today’s announcement comes in the wake of the failed merger between Euronav and Frontline and the appointment of new board members in March, following months of tension between Euronav’s largest shareholders, Saverys family-controlled Compagnie Maritime Belge (CMB), and controlled Famatown Finance Limited Norwegian shipowner John Frederiksen.

By a vote of Euronav’s European shareholders, both Frederiksen and Marc Saverys, as well as Famatown’s Cato Stonex and CMB’s Patrick De Brabandere, have been appointed to Euronav’s board of directors, along with three existing independent directors, Grace Reksten Skaugen, Anita Odedra and Carl Trowell, who their positions kept position on the board.

In the interest of the company and its stakeholders, CFO Lieve Logghe has agreed to take on the position of interim CEO to oversee the continuity of Euronav’s operations. Lieve, who has driven significant improvements across Euronav’s financial structure since joining the group in 2020, will continue in her role as CFO.

De Stoop, who has been instrumental in the company’s success over a period of nearly two decades, will remain with the company as a senior advisor pending the appointment of a permanent successor.

“I’m grateful that I’ve spent almost 20 years building a great company while supporting talented people,” said De Stoop. “With a new board of directors and strong representation from the two core shareholders, now is the right time for Euronav to start a new chapter in its development.”

Famatown is controlled indirectly through trusts established by Frederiksen, who increased its stake in Euronav through Famatown and its affiliates following the termination of the merger agreement. The merger would have created the world’s largest publicly traded owner and operator of oil tankers.

CMB, controlled by the Belgian Saverys family, holds a 25% stake in Euronav and had opposed the merger of Frontline and Euronav.

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