Teekay Corporation Announces Changes to Board of Directors

September 13, 2017

• Axel Karlshoej, Director and Chairman Emeritus, and Thomas (Tommy) Kuo-Yuen Hsu, Director, have retired from their positions effective September 12, 2017, after 25 years with the Company’s Board.
• Mr. Karlshoej and Mr. Hsu are being replaced by Rudolph W.J. Krediet and Heidi Locke Simon.
• In addition, David Schellenberg has been appointed to the Company’s Board.

“Twenty-five years ago, Tommy Hsu and I joined Teekay’s Executive Board following the untimely passing of my brother Torben Karlshoej,” commented Mr. Karlshoej.  “Torben’s dream was to build one of the best shipping companies in the world – an ambition we continue to aspire to and a purpose shared by our Board of Directors and employees throughout the world.”

“I am proud to be able to look back and say that we have continued to build on Torben’s dream and I am confident in passing the baton to the next generation of Board members and leaders that share the same Teekay Spirit values and will continue to navigate this great company for many years to come,” Mr. Karlshoej continued. “I would like to thank Tommy Hsu for all his invaluable support and counsel to Teekay over the past 25 years and wish our new Board members all the best as we set our sights on the future.”

“Axel’s mantra in his leadership at Teekay has always been to do the right thing,” commented Mr. Bill Utt, Teekay’s Chairman.  “It has been clear to me from when I joined Teekay that both Torben and Axel lead from the basic principle that Teekay is first and foremost a people company that runs great ships instead of a shipping company that employs great people. Teekay is built on a strong culture that sets us up in a unique way. I would like to thank Axel and Tommy for their unwavering commitment to the Teekay mission for the past 25 years and I look forward to working with the new Board members in the future.”

Mr. Krediet has over 15 years of experience as a financial investment professional. Since 2013, Mr. Krediet has served as a Partner at Anholt Services (USA) Inc., a wholly-owned subsidiary of the Kattegat Trust, which oversees the Trust’s globally-diversified investment portfolio.  Between 2001 and 2013, Mr. Krediet acted as a Principal, Vice President and an Investment Analyst with Compass Group Management LLC, the manager of Compass Diversified Holdings, a publicly-traded investment holding company. From 2003 to 2004, Mr. Krediet acted as Vice President at CPM Roskamp Champion, a global leader in the design and manufacturing of oil seed processing equipment. Mr. Krediet holds an MBA.

Ms. Locke Simon has over 20 years of strategic management experience. Ms. Locke Simon was formerly a Partner at Bain & Company Inc., a global management consulting organization, where she worked from 1993 to 2012.  Prior to this, Ms. Locke Simon was an Investment Banking Analyst at Goldman Sachs. Ms. Locke Simon has contributed to HBS Community Partners from 2013 to 2016, which is a volunteer consulting organization.  Ms. Locke Simon has served as a director of KQED Public Media from 2008 to 2014 and director of Turning Green from 2004 to present.  Ms. Locke Simon holds an MBA.

Mr. Schellenberg brings over 25 years of financial and operating leadership experience.  Mr. Schellenberg is currently a Managing Director and Principal with Highland West Capital, a private equity firm in Vancouver, Canada. Prior to that, Mr. Schellenberg was with Conair Group and its subsidiary Cascade Aerospace, specialty aviation and aerospace business, from 2000 to 2013 and was President and CEO from 2007 to 2013.  Mr. Schellenberg also acted as a Managing Director in the Corporate Office of the Jim Pattison Group, Canada’s second largest private company, from 1991 to 2000.  Mr. Schellenberg is a member of the Young Presidents’ Organization and holds an MBA as well as Chartered Accountant and CPA designations.

Teekay Corporation operates in the marine midstream space through its ownership of the general partners and a portion of the outstanding limited partner interests in Teekay LNG Partners L.P. (NYSE:TGP) and Teekay Offshore Partners L.P. (NYSE:TOO). The general partners own all of the outstanding incentive distribution rights of these entities. In addition, Teekay has a controlling ownership interest in Teekay Tankers Ltd. (NYSE:TNK) and directly owns a fleet of vessels. The combined Teekay entities manage and operate consolidated assets of approximately $13 billion, comprised of approximately 220 liquefied gas, offshore, and conventional tanker assets. With offices in 14 countries and approximately 8,000 seagoing and shore-based employees, Teekay provides a comprehensive set of marine services to the world’s leading oil and gas companies.

Teekay’s common stock trades on the New York Stock Exchange under the symbol “TK”.