- Push-out Score determined
- After about six years in the position
- Praise, thanks and good wishes for Macleod
- Lars Barstad taking over in the interim
- Macleod said 77 words
(exechange) — Hamilton, Bermuda, October 7, 2020 — Robert Macleod, chief executive of Frontline, leaves. As announced by Frontline Ltd. in a news release on Wednesday, October 7, 2020, Robert Hvide Macleod leaves his post as chief executive officer at the world’s largest oil tanker shipping company after about six years in the role, effective immediately.
Robert Macleod’s duties as CEO will be taken over in the interim by Lars H. Barstad, most recently Commercial Director of Frontline, as Interim Chief Executive Officer.
Frontline has already removed the name of Macleod as Chief Executive Officer from the leadership page on its website and lists Lars Barstad as Interim CEO of Frontline Management AS.
Frontline did not give an explicit reason for Robert Macleod’s departure from the CEO post. Frontline said: “With his solid background within the industry and his profound understanding of the Company and its organization the board is confident that this new appointment will ensure a successful and seamless transition of the role.”
Precise information regarding Robert Macleod’s future plans was not immediately available.
Frontline said: “Robert Hvide Macleod, Chief Executive Officer of Frontline Management AS, has decided to step down from his position.”
Share price decline
The announcement follows a decline in Frontline Ltd.’s share price of 48% since January 2020.
In the position of CEO since 2014
Robert Macleod became CEO of the Company in 2014.
“Macleod will be available for the company till April 30th, 2021,” the company stated.
Robert Hvide Macleod has been a Director of the Company since May 2015 and served as Chief Executive officer of Frontline Management AS since November 3, 2014.
Macleod was employed by the AP Moller Group from 2002 to 2004 and Glencore-ST Shipping from 2004 to 2011.
He is the founder of Highlander Tankers AS.
Macleod holds a Maritime Business (Hons) degree from Plymouth University.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
Read the full story in the exechange report 41.2020 ($).