Niels Stolt-Nielsen is stepping down after 22 years as chief executive of the tanker and terminals group founded by his father Jacob.
The boss of Oslo-listed Stolt-Nielsen will become chairman as the company seeks fresh leadership.
The long-serving CEO will remain in the post until the search for a successor is concluded.
He first joined the family company in 1990, becoming a director in 1996 and then CEO in November 2000.
The executive will eventually replace Samuel Cooperman, who has served as chairman since 2016. Cooperman, who joined the company in 1974, will remain a director overseeing the audit committee.
Niels Stolt-Nielsen said: “It has been a privilege to lead and work with talented and dedicated individuals throughout the organisation for so long.”
“However, I feel now is the right time for me to step aside and let a fresh pair of hands take the company forward,” he added.
Handing over
He explained the announcement is being made now to give the board time to appoint a new CEO and allow for a smooth handover.
“I intend to continue to work closely with the board and the leadership team to ensure the successful continuity of the businesses to the benefit of all stakeholders. I have dedicated my career to Stolt-Nielsen Limited and will continue to do so in the future,” the CEO said.
The Stolt-Nielsen family remains the biggest shareholder on 46.76%.
The new boss will be only the third in the company’s 63-year history.
Stolt-Nielsen took over the top job from his father Jacob Stolt-Nielsen, who founded the group in 1959, inventing the modern parcel tanker in the process.
Jacob Stolt-Nielsen died in 2015 at the age of 83.
His son has continued to expand the group and its wider interests.
Jo Tankers bought
Big deals included the takeover of the Jo Tankers fleet in 2016 for $575m, adding 21 ships.
Stolt-Nielsen also founded small-scale LNG carrier venture Avenir LNG with Hoegh LNG and Golar LNG in 2018.
Last year, Stolt Tankers formed the European chemical carrier venture E&S Tankers with John T Essberger Group.
In recent years, the CEO has been plotting an initial public offering for Stolt Tankers, but the timing has not so far been right.
The company scrapped a potential spin-off of the fish farming business Stolt Sea Farm in 2021.
The group’s fourth-quarter report is due on Thursday.
Fearnley Securities expects Ebitda of $134m, ahead of consensus at $127m.
“We argue Stolt-Nielsen’s market segments are turning increasingly positive, seeing broad increases in chemical tanker rates,” the investment bank said.
“The terminal business remains steady, having seen increasing utilisation, albeit supply chain disruptions could see less growth to throughput,” Fearnleys added.
The brokerage is expecting improved results this year due to overall positive trends.
