Niels G. Stolt-Nielsen has decided to step down from his role as Chief Executive Officer of chemical tanker operator Stolt-Nielsen Limited.
The company said Wednesday he'd continue as CEO and as a Director on the Board until the appointment process for a successor has been completed.
Niels G. Stolt-Nielsen has served as Chief Executive Officer of Stolt-Nielsen Limited since November 2000 and has been a Director since 1996.
"The intention is that once a suitable replacement is found, Mr. Niels G. Stolt-Nielsen will assume the role of Chairman of the Board of Directors, subject to shareholder approval, replacing Mr. Samuel Cooperman. Mr. Cooperman has served as Chairman since 2016 and will remain as a Board Director, Chairman of the Audit Committee and a member of the Compensation Committee," the company said.
Niels G. 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 organization 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 am announcing my intention today to allow the Board sufficient time to appoint my successor and to allow for a smooth handover. 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."