Hugo De Stoop has resigned from his position of chief executive officer at Belgian tanker owner Euronav with immediate effect.
Euronav said De Stoop’s departure is the result of a mutual agreement and that the majority of its supervisory board supported this decision.
He will be available to the company as a senior advisor until the appointment of a permanent successor.
Euronav’s chief financial officer Lieve Logghe has agreed to take over as interim CEO to oversee the continuity of Euronav operations.
De Stoop, who backed the company’s failed merger with John Frederiksen’s Frontline, joined Euronav in September 2004 and was appointed deputy CFO and head of investor relations and was nominated as CFO in 2008. In May 2019, he assumed the position of Euronav’s CEO.
“I am grateful to have spent close to 20 years helping to build a great company and supporting talented people in doing so. With a new supervisory board and strong representation from the two core shareholders, now is an appropriate time for Euronav to open a new chapter in its development,” said De Stoop.