Saga Tankers ASA (Saga) announced Friday that CEO Fredrik Platou has agreed to retire from his position and be replaced by current board member Espen Lundaas effective January 1, 2013, Ship & Bunker reports.
The Norway-based company will hold an extraordinary general meeting on December 17, 2012, during which it also proposes that Marin Nes be elected to the Board of Directors to replace Lundaas.
Saga did not elaborate on the reasons behind Platou's exit.
Platou was appointed CEO of Saga on July 1, 2012 after working for Arne Blystad AS and Blystad Group as an investment manager, according to Businessweek.
Lundaas has served as an acting chief financial officer of S.D. Standard Drilling Plc and a CFO and partner of FERNCLIFF TIH AS, and he became a director at Saga on September 7, 2012.
Norwegian multi-millionaire Øystein Stray Spetalen put forward an offer in September to acquire all outstanding shares in Saga, which has now sold off its vessels to pay off its debts, and as of October he had received acceptances for 64.5 percent of the shares.
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