May 29, 2019
HAMILTON, Bermuda, May 29, 2019 (GLOBE NEWSWIRE) — Teekay Tankers Ltd. (Teekay Tankers or the Company) (NYSE:TNK) today announced changes to the Company’s Board of Directors (the Board). Effective May 29, 2019, Mr. Sai W. Chu will be joining the Board to fill the vacancy created by the resignation of Mr. Richard Paterson. Mr. Richard Paterson, an independent director of Teekay Tankers, has stepped down from the Board to accept an invitation to join the board of Teekay GP L.L.C, the general partner of Teekay LNG Partners L.P. Mr. Chu, who is an independent director, will also serve as the Chair of the Company’s Audit Committee and as a member of the Board’s Conflicts Committee and Governance Committee.
“Sai brings a wealth of financial and shipping expertise to Teekay Tankers,” commented Arthur Bensler, Chair of the Board. “We are very pleased that he has agreed to join our Board, and we look forward to his contribution as we continue to execute on our strategy in the years to come.” Mr. Bensler continued, “Richard has made an invaluable contribution during his tenure. On behalf of the Company, we are grateful for his service and dedication to TNK and look forward to continuing to work with Richard on the TGP board.”
Mr. Chu brings extensive financial experience to the Company with over 30 years of finance, operations and strategy experience primarily with public companies in shipping, specialty finance, utilities and technology. From 2007 to 2015, he was Chief Financial Officer of Seaspan Corporation (NYSE:SSW), a containership lessor, and from 2004 to 2007 he served in various financial roles within its related companies. From 1995 to 2004 he held financial roles with other companies, including BC Gas Inc. Since 2017, he has been Chief Financial Officer of UrtheCast Corporation, a TSX-listed company involved in data, geo-analytics and engineering services with global operations. Mr. Chu is a member of the Institute of Chartered Professional Accountants of Canada.
About Teekay Tankers
Teekay Tankers currently owns a fleet of 56 double-hull tankers, including 30 Suezmax tankers, 17 Aframax tankers, nine Long Range 2 (LR2) product tankers, and three ship-to-ship support vessels, and has eight contracted time charter-in vessels. Teekay Tankers’ vessels are typically employed through a mix of short- or medium-term fixed-rate time charter contracts and spot tanker market trading. The Company also owns a Very Large Crude Carrier (VLCC) through a 50 percent-owned joint venture. In addition, Teekay Tankers owns a ship-to-ship transfer business. Teekay Tankers was formed in December 2007 by Teekay Corporation as part of its strategy to expand its conventional oil tanker business.
Teekay Tankers’ common stock trades on the New York Stock Exchange under the symbol “TNK.”
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