Euronav chief Hugo De Stoop stands down immediatelyEuronav chief Hugo De Stoop stands down immediately

A statement from Euronav said that De Stoop was leaving by “mutual agreement” and the majority of the company’s supervisory board supported the decision.

Current Euronav CFO Lieve Logghe will take over as interim CEO until a successor is found.

De Stoop helmed the tanker owner during a fractious period backing a merger with Fredriksen’s Frontline. Major Euronav shareholders the CMB and Savery’s family fought against the merger and eventually in January this year Frontline called off the deal.

Even once the merger was called off the battle continued with Euronav seeking to enforce the merger via legal action and CMB attempting to replace the entire supervisory board. The move by CMB failed and shareholders voted in favour of a proposal by Euronav to balance its board with two additional members representing 25% shareholder CMB and two representing 25% shareholder Famatown, controlled by Fredriksen. Both Marc Saverys and John Fredriksen are now on the board.

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.”

Related:Euronav avoids CMB board takeover

The supervisory board thanked De Stoop for his contribution to Euronav over the last two decades. He is available to the company as a senior advisor until such time a successor is appointed.