Resignation of and Appointment of Interim President & CEO

Source: www.gulfoilandgas.com 10/11/2021, Location: South America

Hoegh LNG Holdings Ltd. announced that on 9 October 2021, Mr. Sveinung J. S. Stohle gave notice that he intends to resign from his position as the President & CEO of the Hoegh LNG group in order to pursue an alternative career opportunity based outside of Norway. Mr. Stohle will remain in his position until 1 November 2021.

The Board has started the process of identifying a permanent successor for the President & CEO position and has appointed Mr. Thor Jorgen Guttormsen to act as interim President & CEO from 1 November 2021 while the Board conducts its search.

Mr. Morten W. Hoegh, Chairman of the company, commented, "On behalf of the Board of Directors, I want to express that we regret Sveinung’s decision, and that we thank him for his hard work and leadership in building Hoegh LNG into the premier FSRU provider in the LNG industry. When Sveinung joined us in 2005 our LNG activities consisted of a small fleet of LNG carriers and Hoegh LNG had not yet been established as a separate company. Sveinung led our entry into floating regas through the ordering of the SRV vessels, and subsequently through the substantial investment program of eight FSRUs and the creation of two stock-listed public entities. Sveinung’s clear vision and strong determination has been instrumental for Hoegh LNG becoming the largest operator of FSRUs globally with a reputation for quality and impeccable operational performance. On a personal note, I have enjoyed tremendously the close working relationship with Sveinung based on trust and mutual support over all these years. We wish him all the best in his new endeavors."

Mr. Sveinung J. S. Stohle, President & CEO, commented, “It has been a pleasure and a privilege to have been in charge of the Hoegh LNG group’s development and I have worked with the most talented LNG team in the industry for the past 15 years. Hoegh LNG is the clear leader in the FSRU business with strong growth prospects, and I am very proud of the accomplishments we have achieved together. I would like to thank Morten, the board and the entire team, and wish everyone well in the future.”

Mr. Morten W. Hoegh, Chairman and Johan Pfeiffer, Deputy Chairman, said in a joint statement; “We are very pleased that Thor Jorgen Guttormsen has accepted to take over as interim President & CEO of Hoegh LNG. Thor Jorgen knows the organization and business well and the board and shareholders have confidence he will ensure stability and progress in the period until a new CEO is in place. The board is in an early phase of a process to identify a permanent successor to the CEO role. Under new private ownership, with renewed energy and focus, Hoegh LNG will continue the journey towards realizing our vision – to enable the transition to clean energy.”

Mr. Thor Jorgen Guttormsen biography:
Guttormsen has had a long career with Hoegh. He was a director of Hoegh LNG Holdings Ltd. from 2006 to 2011 and an alternate director from 2011 to 2021 and a director of Hoegh LNG AS from 2006 to 2021. He recently held the position of CEO of Höegh Autoliners from 2019 to 2020 and now serves as a director. He has been CEO of Leif Höegh & Co from 1992 to 2008. Previously, he has held positions as Manager in Price Waterhouse and IKO Strategy AS and as CEO of JSA Holding BV (a Paris based shipping company). Thor Jorgen has been President of the Norwegian Shipping Association and a Board member of BIMCO and ECSA. He is presently on the Boards of Telenor Maritime and Danmarks Skibskredit. Thor Jorgen holds an MSc from The Norwegian School of Economics and Business Administration (NHH) and has participated in the International Executive Program at the Institute for Management Development (IMD) in Lausanne, Switzerland.


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