Teekay Corporation and Teekay Offshore Partners L.P. have elected a new chairman to their respective boards of directors.
Teekay said on Wednesday that C. Sean Day would be stepping down from his role as chairman of both companies. He would remain on both boards as a member.
Current Teekay director, William “Bill” Utt, will replace Day as the chairman of both Teekay and Teekay Offshore, with the changes becoming effective on June 15.
Day said: “I am very pleased that Bill Utt will be taking over the chairmanship of both the Teekay and Teekay Offshore boards of directors. After 18 years chairing the Teekay Corporation board, and 11 years chairing the Teekay Offshore board, I believe now is the right time for me to pass on the board leadership to Bill, who has extensive experience in the energy industry and an appreciation of Teekay’s culture.
“I have no doubt he will lead with enthusiasm and skill in his new role. I remain committed to both Teekay and Teekay Offshore and am pleased to continue serving as a board member of each entity and offer my support to Bill, Teekay CEO Kenneth Hvid, and the rest of the Teekay team.”
Regarding his appointment, Utt said: “I am honored to succeed Sean as the chairman of both companies. Sean has done an excellent job of leading the board, and I am delighted that he will continue to serve on it as I take on this important leadership role.”
Axel Karlshoej, chairman emeritus of the Teekay Corporation board and brother of the founder, Torben Karlshoej, added: “I want to thank Sean for his extraordinary leadership over the past 18 years. During his tenure, he has overseen enormous growth in the Teekay Group, including the establishment Teekay LNG Partners L.P., Teekay Offshore Partners L.P. and Teekay Tankers Ltd. In each case, he has been instrumental in establishing strong, cohesive boards.
“Bill has been a strong contributor to the Teekay board since he joined in December 2015 and I am confident that his expertise and strong leadership skills make him an excellent successor to Sean Day.”
Utt has been a Teekay Board member since December 2015, and he has over 30 years of engineering and energy industry experience. Until his retirement in 2014, he served as chairman, president, and CEO of KBR Inc. He also served as the President and CEO of Suez Energy North America and as President and CEO of Tractebel’s North American energy businesses.
Utt currently serves as chairman of the board of directors at Cobalt International Energy, a position he has held since June 2016 and is a member of the board of directors for Brand Energy & Infrastructure Services.