Frontline Management chief executive Robert Hvide Macleod has resigned with immediate effect.
John Fredriksen's top tanker man has been replaced on an interim basis by Frontline commercial director Lars Barstad.
Macleod had been in the top job for six years, overseeing a fleet renewal with a series of VLCC and suezmax newbuildings.
He told TradeWinds: "This has been thought about for some time and happens on very friendly terms.
"After careful consideration, I have chosen to resign from my position as CEO of Frontline. The time is right for a new CEO to take over the baton and lead the company on the further journey."
In a statement on Wednesday morning, Fredriksen added his thanks to MacLeod for his contribution to Frontline.
"He has led the company through a period of significant fleet growth and renewal. I wish Robert continued success in his future endeavours," the Frontline chairman said.
Deep knowledge of the company
Frontline said Barstad brings a solid background within the industry and a profound understanding of the company and its organisation.
The company added that board is confident the new appointment will ensure a successful and seamless transition of the role.
Macleod will be available to the company until 30 April next year.
Very busy new man Barstad told TradeWinds the change had been "very undramatic".
He added: "I have worked closely with Robert MacLeod for years and know the organisation, our clients and our investors well, so have confidence in this being a smooth transition."
In the company statement, Barstad said: "I am grateful that the board has given me the trust to take the role as interim CEO of Frontline after having served with the company for five years in various positions.
"It is exciting times ahead in the tanker market in which I will do my utmost to make sure that Frontline continues building shareholder value."
'A privilege'
Macleod told TradeWinds: "It has personally been a privilege to work closely with John for six years.
"I am very grateful for his trust, high goals for both our co-operation and for Frontline, as well as his active ownership. My time in Frontline has been a great period that has given very valuable experience."
Macleod said all divisions of Frontline are in the best shape he has seen them during his tenure.
"The company's financial situation is very strong," he added.
"My successor will face a fantastic team, a strong owner and solid long-term prospects."
Barstad has been commercial director since 2015. He has close to 17 years of experience in the wider shipping and oil trading industry, firstly as director of Imarex (now Marex) in Singapore.
He joined trader Glencore in 2007 as head of FFA trading, working in London.
In 2012, Barstad moved to another trader, Noble Group, heading up the freight derivatives desk in London with a cross-commodities mandate.
The interim boss holds a BSc in financial economics from BI Norwegian Business School.
Macleod said that Frontline had consolidated its position as the industry's "definitive flagship", with one of the world's largest and most modern fleets over the last six years.
"I have great faith in the company's position and the future opportunities for value creation. When Covid-19 comes under control, I think the world will soon return to how it was before the virus and Frontline will be extremely well positioned for high earnings," Macleod added.
As for his future plans, he told TradeWinds: "I will now spend more time following up on my own investments, including my ownership of Frontline."
In June, the former boss built his stake up to $8.35m in the tanker company.
Macleod said he had thoroughly enjoyed the last six years, "working with a great team through often volatile market conditions".
Pay rise in 2019
On Tuesday, TradeWinds reported that Macleod had received a pay rise last year.
The public accounts for Frontline Management shows the executive had a combined salary and bonus of almost NOK 8.3m ($900,000) in 2019, which is NOK 3m higher than the two previous years.
MacLeod, 41, took over from Jens Martin Jensen as Frontline boss.
Frontline Management is based in Oslo and is responsible for the technical and commercial operation of Frontline’s tankers.
The Fredriksen Group is highly diversified, but Fredriksen considers himself first and foremost to be a tanker man.
'Talented commercial manager'
Commentators said at the time that Fredriksen had found a talented commercial manager in Macleod, who was previously chairman of Highlander Tankers, a company fully owned by investment company Hans Hvide & Co and concentrating on modern products tankers with a fleet of 14 ships.
Seven of the Highlander tankers were on charter from Fredriksen.
At the end of last year, Frontline Management had a staff of 39, four more than a year earlier.
The company had operating revenue of NOK 110m in 2019, up from NOK 99m.
The pre-tax result for Frontline Management was NOK 6m, up from NOK 5m in 2018.
