Ardmore has revealed its “long-established” succession plan as founder Anthony Gurnee announced his retirement as chief executive and director later this year.

A “comprehensive selection process” has resulted in the board of the New York-listed tanker owner appointing chief commercial officer Gernot Ruppelt as Gurnee’s replacement from 16 September, the company said.

Chief financial officer Bart Kelleher’s role will be expanded to include that of president.