Copyright BusinessAMBE

Euronav, the Antwerp tanker company around which a power struggle had erupted in recent months, announces that CEO Hugo De Stoop is leaving by mutual agreement and with immediate effect.

In the news: exit De Stoop at . In the power struggle over Euronav, De Stoop sailed his , between the major shareholders CMB (Saverys family) and Norwegian tycoon John Fredriksen. He remained a strong supporter of a takeover of Euronav by Frontline, a shipping company owned by Fredriksen, even after Fredriksen himself the takeover.

No new boss yet: There is no immediate replacement. In order to ensure a smooth leadership transition, De Stoop will still assist the company as a "senior advisor," the company reports, until the appointment of a permanent successor is a reality. Finance Director Lieve Logghe will serve as interim CEO and will continue her role as CFO.

More details: The majority of the board of directors supports this decision, Euronav adds. That means the Saverys bloc (about 23 percent of the shares) and the Fredriksen bloc (about 24 percent) approve De Stoop's departure.

What preceded: Not only did De Stoop antagonize Fredriksen, he was on a collision course with the Saverys family early this year. In a to investors, he lashed out harshly. According to him, the CMB plan for Euronav included "flawed ideas" and he called on shareholders to prevent the Saverys clan from taking power "through the back door."

Quoted: "I am grateful to have helped build a great company for nearly two decades while supporting talented people," De Stoop said in a press release.

"With a new board of directors and strong representation from the two core shareholders, now is an opportune time for Euronav to begin a new chapter in its development."

© The Content Exchange, source News