International Seaways chairman steps down

US-headquartered tanker owner and operator International Seaways said its chairman Douglas Wheat has resigned from the Board of Directors with immediate effect as of 22 November.

"Mr Wheat’s resignation was not the result of any disagreement with the Company or the Board on any matter relating to the Company’s operations, policies or practices," International Seaways said.

International Seaways said it had appointed Mr Wheat to an honorary position as Chairman Emeritus "in recognition of his transformational years of service".

"In consideration of the company’s and the board’s ability to continue to seek advice from him as Chairman Emeritus, the Company will pay Mr Wheat approximately US$500,000 pursuant to a consulting arrangement," International Seaways said.

The International Seaways board appointed Captain Ian Blackley as chairman. Capt Blackley has been a member of the Board since 2016 when the company was spun off from its predecessor.

"Doug Wheat has been an exceptional chairman for International Seaways," Capt Blackley said. "Since the company became a standalone public entity in December 2016, Doug has led the transformation of International Seaways into a multi-billion-dollar organisation focused on the safe and reliable seaborne transportation of energy, while maintaining a balanced business model to support future growth. On behalf of the International Seaways Board of Directors and management, we extend our heartfelt gratitude to Doug for his dedication and service to the Company."

With Mr Wheat’s resignation, the size of the board was reduced from 10 to 9 directors, based on recommendations from some of the company’s largest stockholders, according to International Seaways.