Teekay announces senior management change

Teekay Corporation (Teekay or the Company) announced Vince Lok’s retirement as Teekay’s Executive Vice President and Chief Financial Officer effective January 1, 2023, after nearly 30 years with the Company, including the past 16 years as Teekay’s Group CFO.

Upon Mr. Lok’s retirement, Mr. Brody Speers, Vice President, Finance & Treasurer, will be assuming Mr. Lok’s responsibilities, along with continuing to oversee Teekay’s Finance, Accounting and Tax teams. Mr. Lok has agreed to stay on as an advisor through the end of 2023 to help ensure a smooth transition as well as support the Company’s strategic initiatives.

Kenneth Hvid, Teekay’s President and Chief Executive Officer said, “Over the past 30 years, Vince has played an instrumental role in the evolution of the Teekay Group. Personally, it has been a real privilege to have worked with Vince for more than two decades. He has been a great CFO, colleague, and friend whose professionalism and care for Teekay, and all our stakeholders, has been a beacon through both our growth and our simplification years. We have focused on talent management and succession planning over many years, and I am confident that Brody Speers is the natural choice for the role and will ensure that we have a seamless transfer of responsibilities.”

Mr. Hvid added, “Although we will all miss Vince’s insights and leadership, I respect his priorities and we are pleased that Vince will be available as an advisor as we look for growth opportunities and continue to create shareholder value from our strong position.”

Mr. Lok commented, “With Teekay now in a solid financial position and well-positioned to benefit from the strong tanker market fundamentals, now feels like the logical time to retire as the Company embarks on the next phase of its strategy.” Mr. Lok added, “It has been a tremendous honor and privilege to be part of Teekay’s journey and to have had the opportunity to work with a world-class team over my 30 years with the Company. I look forward to staying involved with Teekay as an advisor as well as spending more time with my family and other priorities.”

About Brody Speers

Brody Speers joined Teekay in 2008 and has served in several senior financial positions in Teekay’s Finance, Accounting and Strategic Development departments, working alongside Vince Lok for most of the past 14 years. This includes serving as Chief Financial Officer for Teekay LNG Partners LP (now Seapeak LLC) in 2017 and 2018, and more recently as Teekay’s Vice President, Finance and Treasurer overseeing the Finance, Accounting and Tax teams for the Company. Prior to joining Teekay, Mr. Speers worked as a Chartered Professional Accountant for an accounting firm in Vancouver, Canada. Mr. Speers is also a Chartered Business Valuator.

About Teekay

Teekay is a leading provider of international crude oil and other marine transportation services. Teekay provides these services directly and through its controlling ownership interest in Teekay Tankers Ltd. (NYSE: TNK), one of the world’s largest owners and operators of mid-sized crude tankers. The consolidated Teekay entities manage and operate 60 conventional tankers and other marine assets. With offices in eight countries and approximately 2,500 seagoing and shore-based employees, Teekay provides a comprehensive set of marine services to the world’s leading energy companies and to the Australian government.