Euronav chief executive Hugo De Stoop is leaving with immediate effect as the two biggest shareholders seek a way forward for the company after the failed Frontline merger.
A statement from the New York and Brussels-listed tanker owner’s supervisory board said the CEO is stepping down by mutual agreement after two decades at the Antwerp-based operation.
The majority of the board supported this decision, the statement added, but gave no further details.
De Stoop’s future had been in question since John Fredriksen’s Frontline pulled out of the merger in January after a full combination was blocked by the Saverys family.
These two groups now have 26% and 25% of the company and two seats each on the board.
The CEO had been his usual eloquent and optimistic self on a results conference call with analysts last week, giving no hint of this decision.
The board thanked De Stoop for his contribution in developing Euronav into a “world-class leading tanker company.”
“In order to organise a smooth leadership transition, Hugo will be available to the company as a senior advisor until the appointment of a permanent successor,” it added.
Meanwhile, chief financial officer Lieve Logghe will be interim CEO.
She has driven substantial improvement across the financial structure of Euronav since joining the group in 2020, the board said.
Logghe will continue as CFO as well.
De Stoop said: “I am grateful to have spent close to 20 years helping to build a great company and supporting talented people in doing so.”
“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,” he added.
Only last week, De Stoop had been praising the two main shareholders as “entrepreneurs at heart” who would be able to take quick decisions to the benefit of Euronav.
The boss had been an enthusiastic proponent of the Frontline merger and at odds with the Saverys family on this. The Belgian clan, which owns shipping company CMB, wants Euronav to diversify into different vessel sectors and move more into shipping decarbonisation.
Family members had always got along very well with De Stoop on a private basis.
The CEO was a natural ally of the Fredriksen side, but then began arbitration against the tycoon in Belgium for what he saw as a termination of the combination agreement for no valid reason.
This legal action could rumble on for a year.
The next event in the saga is on Wednesday, when two new independent directors are likely to be elected to the board to replace two whose terms are expiring.
CMB is not commenting, while Frontline has been contacted for a reaction.
