Niels Stolt-Nielson, CEO of tanker and liquid bulk logistics company Stolt-Nielsen Ltd, is to step down from his position.

Stolt-Nielsen informed the board of his intention and will continue on as CEO and director of the board until a successor is appointed at which time, he will replace Samuel Cooperman as chair of the board of directors. Chair of the board since 2016, Cooperman will remain as board director, chair of the audit committee and a member of the compensation committee when Stolt-Nielsen succeeds him.

Mr Stolt-Nielsen said: “I joined Stolt-Nielsen in 1990 and have served as CEO since 2000. 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… 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.”

Oslo-listed Stolt-Nielson has four main operating sectors – tanker operation, liquid bulk terminals, containerised liquid bulk logistics, and aquaculture.

The group reported net profit for the first nine months of 2021 at $43.8m on revenue of $1,588.0m, compared with net profits of $23.5m on revenue of $1,474.5m in the first nine months of 2020. Stolt-Nielson’s full-year 2021 results are due to be published on January 27.

Source: Seatrade Maritime News