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Hugo De Stoop steps down as Euronav CEO

De Stoop steps down by mutual agreement as chief financial officer Lieve Logghe takes over as interim chief executive

Belgian tanker giant announces a major leadership shift 24 hours before its AGM is expected to reveal the company’s strategic direction following a year of shareholder turmoil

EURONAV chief executive Hugo De Stoop has stepped down from his position with immediate effect.

The decision, which was taken by “mutual agreement and the majority of the supervisory board” comes just 24 hours before the company is preparing to host its annual general meeting, where the company’s two biggest shareholders are expected to reveal an agreed strategic direction for the company after the failed Frontline merger and a brusing year-long boardroom battle for control.

Chief financial officer Lieve Logghe will take over as interim chief executive to oversee the continuity of Euronav operations.

In a short statement issued Tuesday morning, Euronav’s board thanked De Stoop for his contribution in developing Euronav into a “world-class leading tanker company”.

“I am grateful to have spent close to 20 years helping to build a great company and supporting talented people in doing so,” De Stoop said in the statement.

“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,” he added.

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