The Euronav deal between CMB and Frontline, worth billions, has gone through. And CMB boss Alexander Saverys becomes the new CEO of the tanker shipping company.
This means that Alexander Saverys will be CEO of Euronav and the Belgian shipping group CMB, which also includes the shipping companies Bocimar, Delphis, Bochem and Windcat as well as the cleantech company CMB.Tech.
CMB and the shipping company Frontline, led by Norwegian shipowner John Fredriksen, have now announced that the deal, which was recently concluded after tough negotiations, has been finalized. The sale of all Euronav NV shares held by Frontline and Famatown Finance Limited to CMB NV has taken place. CMB now holds 49.05% of the shares.
This is accompanied by the $2.35 billion sale of 24 large VLCC class tankers to Frontline and CMB NV’s mandatory tender offer for all outstanding shares in the company. These transactions “will be completed in due course”, it said.
Alexander Saverys said: “We are very pleased that the agreement with Frontline and Famatown has been reached. It resolves the strategic and structural stalemate at Euronav and enables a new board and management team to write a new chapter for Euronav.” The immediate focus will be on “continuing to lead the company as the best-in-class tanker platform” while exploring how to implement a strategy of diversification and decarbonization.
Saverys joins the board
Another important aspect concerns the future composition of Euronav’s top bodies. A number of changes have now been announced.
The new Supervisory Board consists of Julie De Nul, Catharina Scheers, Patrick Molis, Marc Saverys, Patrick De Brabandere and Bjarte Bøe.
- Grace Reksten Skaugen, John Fredriksen, Cato H. Stonex and Ole Henrik Bjørge resigned from the Supervisory Board after the share sale came into effect. Julie De Nul, Patrick De Brabandere and Marc Saverys then decided to appoint the following members to the Supervisory Board
- Patrick Molis: He was Managing Director of Union Normande Investissement (1989-1992), CFO of Worms & Cie Group 4 (1994-1997), Managing Director of Compagnie Nationale de Navigation (1995- 1998), Chairman of the Board of Compagnie du Ponant (2012-2015) and Chairman of the Board and CEO of Héli-Union (2013-2022). He is currently Chairman of the Compagnie Nationale de Navigation (since 1998) and Director of Sabena Technics.
- Catharina Scheers started her career at Fast Lines in 1993 and is owner and Managing Director of Fast Lines Belgium. She is currently also a member of the Board of Directors of ASF (Antwerp Shipping Federation), a member of the Board of BRABO and a member of WISTA (Women’s International Shipping and Trading Association).
- Bjarte Bøe worked as a shipbroker for RS Platou in Houston and Oslo. In 1986, he joined Christiania Bank, which was later renamed Nordea, and worked in Oslo and London until he joined SEB in 1995. He held various management positions there until 2019, including Head of Shipping Finance and Head of Investment Banking in Oslo and Stockholm. He was a director of Seadrill, Hermitage Offshore and Agera Venture. From April 2021 to February 2022, he was also a member of the Board of Directors of CMB.Tech.
At the same time, there are changes to the Executive Board. Board members Lieve Logghe, Brian Gallagher, Alex Staring and Thierry De Grieze have resigned from the Board with effect from November 22. General Counsel Sofie Lemlijn and General Manager Hellas Michail Malliaros will remain with the company in their respective roles, but will no longer serve as members of the Management Board.
Following a decision by the Supervisory Board, new Management Board members have been appointed:
- Alexander Saverys joins the Management Board as Chief Executive Officer. He is also Chief Executive Officer of the CMB Group.
- Ludovic Saverys joins the Management Board of Euronav as Chief Financial Officer. He is Chief Financial Officer of CMB NV and General Director of Saverco NV.
- Michael Saverys joins the Management Board as Chief Chartering Officer. He joined CMB in 2009 as Chartering Director of Bocimar International and is a member of the Board of Directors and the Executive Committee of CMB NV.
- Maxime Van Eecke joins Euronav as Chief Commercial Officer. He started his career in 2005 as Legal Counsel for the CMB Group and became Managing Director of Delphis, CMB’s container division, in 2014. In 2021, he was appointed Chief Commercial Officer of the CMB Group and has been a member of CMB’s Executive Board since 2022.
- Benoit Timmermans joins Euronav as Chief Strategy Officer. Today he is Chief Strategy Officer of the Group and member of the Executive Committee.
