Tanker operator Frontline reshuffles its board, with Tor Svelland stepping down as two new profiles enter. Svelland also resigns from the board of another Fredriksen-controlled carrier.
Photo: Frontline
Frontline makes changes to its board at a time when the John Fredriksen-controlled carrier is proposed merging with tanker company Euronav.
The operator writes in a statement that Tor Svelland, former chief executive of Fredriksen’s Seatankers, now steps down from the Frontline board, where he has held a seat since August 2020.
It’s also made known that the board will have two new members. One is Ole B. Hjertaker, who heads Fredriksen’s shipowner, SFL Corp.
The other is Steen Jakobsen, head of investment at Saxo Bank, who since March last year has been a member of the board at gas carrier Flex LNG, which, like Frontline, is controlled by Fredriksen.
Also resigns from bulk carrier
Frontline does not elaborate as to the cause of this board reshuffle, or why Svelland is stepping down as member.
However, the tanker company isn’t the only Fredriksen-controlled carrier which sees Svelland stepping down. As announced in a statement Monday, he is also resigning from the board of dry bulk carrier Golden Ocean.
As with Frontline, Svelland has been a member of Golden Ocean’s board since August 2020.
According to Norwegian business media Dagens Næringsliv, Svelland helmed Seatankers Group from August 2020 to August 2021. Since fall, he has spent all his time on his job as CEO and fund manager at private hedge fund Svelland Capital, the newspaper writes.
English edit: Jonas Sahl Hollænder
