John Fredriksen’s top tanker executive, Robert Hvide MacLeod, had received a pay rise last year.
The public accounts for Frontline Management shows that MacLeod 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, has been chief executive of the management division of New York-listed Frontline Ltd since 2015, when he took over from Jens Martin Jensen.
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.
Commentators said in 2015 that Fredriksen had found a talented commercial manager in Macleod.
Macleod was earlier chairman of Highlander Tankers, a company fully owned by investment company Hans Hvide & Co concentrating on modern products tankers with a fleet of 14 tankers. 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 last year had operating revenue of NOK 110m, up from NOK 99m.
The pre-tax result for Frontline Management was NOK 6m, up from NOK 5m in 2018.
