The board of Stolt-Nielsen Limited (SNL), the parent company of turbot and sole aquaculture producer Stolt Sea Farm, has confirmed that Niels G. Stolt-Nielsen has decided to step down as CEO.
In a statement, SNL said Stolt-Nielsen will continue as CEO and as a director on the board until the appointment process for a successor has been completed. He has served as CEO since November 2000 and has been a director since 1996.
“It has been a privilege to lead and work with talented and dedicated individuals throughout the organization for so long. However, I feel now is the right time for me to step aside and let a fresh pair of hands take the company forward,” Stolt-Nielsen said. “I intend to continue to work closely with the board and the leadership team to ensure the successful continuity of the businesses to the benefit of all stakeholders. I have dedicated my career to Stolt-Nielsen Limited and will continue to do so in the future.”
SNL said the intention is that once a suitable replacement is found, Stolt-Nielsen will assume the role of chairman of the board of Directors, subject to shareholder approval, replacing Samuel Cooperman.
Cooperman has served as chairman since 2016 and will remain as a board director, chairman of the audit committee, and a member of the compensation committee.
Oslo Stock Exchange-listed SNL is a long-term investor and manager of businesses, focused on the logistics, distribution and aquaculture sectors. In addition to Stolt Sea Farm and investments in liquified natural gas, the company’s portfolio includes the three bulk liquid and chemicals logistics businesses: Stolt Tankers, Stolthaven Terminals, and Stolt Tank Containers.
Stolt Sea Farm’s 14 land-based production facilities are capable of producing 5,700 metric tons (MT) of turbot and 1,570 MT of sole annually.
Photo courtesy of Stolt-Nielsen Limited
