Flex LNG’s board has elected Ola Lorentzon as its new chairman.
He replaces David McManus, who did not stand for re-election as a director at the annual general meeting on Monday.
“I am proud to take over the chairman position after the long-standing stewardship of David McManus, who leaves behind him a company in excellent financial shape, attractive contract backlog and a strong management team,” said Lorentzon, who has been a director of the John Fredriksen-backed company since June 2017.
“I would like to thank David for his 13 years of service on the board of the company and congratulate him on the results he has achieved at the helm.”
Flex’s fleet consists of 13 LNG carriers on the water.
It has a significant contract backlog, having fixed 11 of 13 vessels on long-term fixed-rate charter contracts and one ship on variable hire time charter.
“The company is today well positioned for the next phase of LNG export expansion, and I am looking forward to working with the board and the management to develop the company further,” Lorentzon added.
Previously, he served as principal executive officer of Golden Ocean Group from 2010 to 2015 and was chief executive of Frontline Management from 2000 to 2003.
He is chairman of Frontline, Golden Ocean and Erik Thun.
The AGM also re-elected Nikolai Grigoriev, Steen Jakobsen and Susan Sakmar as directors.
The board’s total remuneration should not exceed $500,000 for 2024, the meeting decided.
As chairman of Frontline, Lorentzon received $812,000 in compensation for 2023.
