FRO - Transition of Chief Executive Officer
Frontline Ltd. (the "Company" or "Frontline") (NYSE: FRO) today announced that Robert Hvide Macleod, Chief Executive Officer of Frontline Management AS, has decided to step down from his position. The Board has appointed Lars H. Barstad, Frontline's Commercial Director, to take the role as Interim Chief Executive Officer of Frontline Management AS. With his solid background within the industry and his profound understanding of the Company and its organization the board is confident that this new appointment will ensure a successful and seamless transition of the role. Mr. Macleod will be available for the company till April 30th, 2021.
"I would like to thank Robert for his contribution to Frontline. He has led the Company through a period of significant fleet growth and renewal," said John Fredriksen, Chairman of Frontline. I wish Robert continued success in his future endeavors."
"I have thoroughly enjoyed the last six years at Frontline, working with a great team through often volatile market conditions," said Mr. Macleod. "The organization is best-in-class, and Frontline's scale and presence in the tanker industry is unrivaled. I am grateful to the Board of Directors for the opportunity to lead the Company over the last six years and would like to express my sincere gratitude to my friends and colleagues who have contributed to Frontline's success during my tenure."
"I am grateful that the board has given me the trust to take the role as Interim CEO of Frontline after having served with the company for five years in various positions. It is exciting times ahead in the tanker market in which I will do my utmost to make sure that Frontline continue building shareholders value" said Lars H. Barstad.
October 6th, 2020
The Board of Directors
Frontline Ltd.
Hamilton, Bermuda
Questions should be directed to:
Lars H. Barstad: Interim Chief Executive Officer, Frontline Management AS
+47 23 11 40 37
Inger M. Klemp: Chief Financial Officer, Frontline Management AS
+47 23 11 40 76
About Frontline Ltd.
Frontline Ltd. (the "Company") is a world leader in the seaborne transportation of crude oil and refined products. The Company owns and operates a large, modern fleet of vessels within the VLCC, Suezmax and Aframax/LR2 segments and is one of the largest listed tanker companies by carrying capacity. Due to Frontline's brand, financial flexibility, and significant scale, it holds a unique position among its peers. Frontline is listed on both the New York and Oslo Stock Exchanges under the symbol "FRO."
Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. Words, such as, but not limited to "believe," "anticipate," "intends," "estimate," "forecast," "project," "plan," "potential," "may," "should," "expect," "pending" and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although Frontline believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the control of Frontline, Frontline cannot assure you that they will achieve or accomplish these expectations, beliefs or projections. The information set forth herein speaks only as of the date hereof, and Frontline disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this communication.
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
