CEO Macleod Resigns from Fredriksen's Frontline Tankers
Frontline, John Fredriksen’s tanker company, announced that its chief executive officer Robert Hvide Macleod decided to step down from his position effective immediately. Well known in the industry, Macleod had led the company through a period of significant fleet growth and renewal over the past six years. Macleod has agreed to remain available to the company till April 30, 2021.
John Fredriksen, Chairman of Frontline, thanked Macleod for his contributions and success in guiding the company through its growth and wished him continued success. When Macleod assumed the CEO role six years ago, Fredriksen was quoted saying, "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.”
Robert Hvide Macleod - Frontline Management
“I have thoroughly enjoyed the last six years at Frontline, working with a great team through often volatile market conditions,” said 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.”
Frontline’s board appointed the company’s current commercial director, Lars H. Barstad, to take the role of Interim Chief Executive Officer of Frontline Management AS. The board noted that with his solid background within the industry and profound understanding of the company and its organization, that the board was confident that Barstad will ensure a successful and seamless transition.
“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 continues building shareholder value” said Lars H. Barstad.
Macleod, who was a director of Frontline from May 2015 until September 2019, assumed the position of chief executive officer of Frontline Management AS in November 2014 from Jens Martin Jensen. Prior to that he was managing director and owner of Highlander Tankers AS. Previously in his career, Macleod was with the A.P. Moller Group from 2002 to 2004 and Glencore-ST Shipping from 2004 to 2011.