Odfjell Tankers Head Steps Down

Morten Nystad will step down as senior vice president of Odfjell Tankers after 35 years with the company. His departure is effective immediately.

 

Nystad has held various management positions during his tenure at Odfjell, serving within the company’s chartering department in Bergen and other locations.

 

Nystad’s exit follows the departure of president and CEO Jan A. Hammer in December 2014 “due to different views on the strategic direction for the company”. Hammer was replaced by interim president and CEO Tore Jakobsen, who will be succeeded by Kristian Verner Mørch from August 1, 2015.

 

Odfjell said it has begun the search to replace Nystad, whose duties will rest with the president/CEO until a new head of Odfjell Tankers is appointed.

 

Odfjell recently implemented a "restructuring plan" which saw the loss of 85 positions at its Bergen office as part of a series of “cost saving initiatives” related to general and administrative expenses, operating expenses, trade optimization and bunker consumption.

 

Odfjell’s cost cutting strategy also saw the divestment of its last remaining vessels trading in the European short sea market in June 2015.