NIELS G. Stolt-Nielsen has informed the Stolt-Nielsen board of his intention to step down as CEO of the company that bears his name.

He is to continue on as CEO and director on the board until a successor has been appointed. Mr Stolt-Nielsen has served as Chief Executive Officer of Stolt-Nielsen Limited since November 2000 and has been a Director since 1996.

A company announcement said Mr Stolt-Nielsen intends to assume the role of chairman of the board of directors when his replacement as CEO takes the reins.

Mr Stolt-Nielsen said he joined the company in 1990 and has served as CEO since 2000.

β€œIt has been a privilege to lead and work with talented and dedicated individuals throughout the organisation for so long. However, I feel now is the right time for me to step aside and let a fresh pair of hands take the company forward,” he said.

β€œI am announcing my intention today to allow the board sufficient time to appoint my successor and to allow for a smooth handover. I intend to continue to work closely with the board and the leadership team to ensure the successful continuity of the businesses to the benefit of all stakeholders. I have dedicated my career to Stolt-Nielsen Limited and will continue to do so in the future.”

Mr Stolt-Nielsen took over the CEO role from his father, Jacob Stolt-Nielsen. The elder Mr Stolt-Nielsen founded the company in 1959. The company is listed on the Oslo Stock Exchange.