Kim Ullman is leaving his role at the helm of Concordia Maritime and will be replaced by Erik Lewenhaupt.
The Stockholm-traded product tanker owner announced on Monday that Ullman would be departing the company at the end of the year, after informing it of his intention to retire.
Carl-Johan Hagman, Concordia's board chairman, said: "Kim is recognised in the market as a skilled and driven 'shipping man' and, as such, has made important contributions in a cyclical and at times challenging market.
"We will miss Kim’s drive, market insight and friendship."
Ullman, who was born in 1957, spent eight years running Concordia following his tenure as vice president at Stena Bulk, chief executive at Stentex, head of Stena Bulk's Houston office and chief executive of Stena LNG and Stena Weco.
Breathing space
Last month, Ullman carried out a vital refinancing that gave Concordia financial breathing space of more than three years. The deal allowed the company to move on to the "next phase", he said at the time.
The deal was part of a rescue package for the cash-strapped shipowner, put together with majority shareholder Stena Sessan and some of its banks in July.
Loss-making Concordia had been running out of money after years of poor markets and Stena stepped in to charter all of its 10 vessels for five years.
Lewenhaupt, who will take over as Ullman's replacement on 1 January, joins after having served as head of sustainability at Stena Line — another Stena group company.
The company said in that post he had been "instrumental" in transforming the company's sustainability record.
Lewenhaupt started his career in 1996 at Nordstrom & Thulin and spent time at Stena Bulk, where he served tanker chartering in Gothenburg and Singapore.
"It is really exciting to be able to welcome Erik Lewenhaupt back to tanker shipping," Hagman said.
"Erik has extensive experience in both tanker shipping and sustainability — two key areas as we look ahead. We wish him success in navigating the cyclical and volatile tanker market from his new position."
Harry Papachristou contributed to this article
