Robert Macleod to take helm of troubled Frontline

Highland Tankers owner and md Robert Macleod will join Frontline as ceo on 3 November taking over from Jens Martin Jensen, current Frontline ceo, who will head up the group's sale and purchase, newbuilding and other maritime projects.

The move comes weeks after Fredriksen's right hand man Troim exited the Norwegian tycoon's business empire to head up Golar LNG after Fredriksen sold down most of his holdings in the US-listed firm.

Norwegian-born, Oslo-based Macleod was previously at AP Moller Group from 2002 to 2004 and Glencore-ST Shipping from 2004 to 2011.

Frontline chairman John Fredriksen commented, "Through the engagement of Robert Hvide Macleod we have gained a talented individual with in-depth knowledge of both shipping and oil trading. Combined with his outstanding network throughout the tanker industry, we believe this will ensure that the company remains the driving force in the industry. With Jens Martin Jensen's continuation with the group and his extensive experience and knowledge I am confident this will continue to help drive the company forward".

Frontline recently invested $17.8m in its own bond which is due to mature in April 2015. The notes may push the company into restructuring as it struggles under $1bn of debt and lease obligations.

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