Overseas Shipholding Group, owner of four LNG carriers, said that Robert Johnston, President and Chief Executive Officer, will retire from the company.
He will continue to advise OSG as a consultant through mid-2015.
“Bob’s contributions to OSG’s success over the past 45 years cannot be overstated,” said John Ray, Chairman of the Board of OSG. “He is an incredibly skilled shipping operator and industry leader, and he was instrumental in our ability to maintain uninterrupted, high-quality service to our customers during our restructuring. On behalf of the Board of Directors and the entire OSG family, I would like to thank him for his decades of service and wish him well in his retirement. I am very pleased that we will continue to benefit from his knowledge and experience as a consultant.”
Johnston commented, “OSG is an extraordinary company with a talented team of employees. It has been an honor to come to work here every day for the past 45 years. As we complete the restructuring, I can leave the company confident in our new financial position, our customer commitment and our attractive long-term prospects.”
The company will immediately commence a search for Johnston’s replacement. OSG said it is confident it will attract a world-class candidate to lead the company as it explores opportunities for growth in a dynamic energy market both in the U.S. and internationally.
Press Release, August 12, 2014; Image: OSG