Hoegh LNG Partners LP Announces Transition of Senior Leadership

Rhea-AI Summary

Höegh LNG Partners LP (HMLP) announced the resignation of Chief Executive Officer and Chief Financial Officer, Steffen Føreid, effective on or before October 31, 2020. Mr. Føreid is leaving to pursue a new career opportunity and will assist in the transition until a successor is appointed. The Board is actively searching for a new CEO/CFO and plans to provide updates shortly. Chairman Sveinung J.S. Støhle expressed gratitude for Føreid's contributions to the company, noting his significant role in its growth and development.

Positive

• Transition plan is in place for CEO/CFO role.
• Chairman acknowledged CEO's contributions positively.

Negative

• Uncertainty regarding future leadership until a successor is appointed.

HAMILTON, Bermuda, Aug. 6, 2020 /PRNewswire/ -- Höegh LNG Partners LP (the "Partnership" or "HMLP") (NYSE: HMLP) announced that on August 6, 2020, Mr. Steffen Føreid gave notice that he intends to step down from his position as the Partnership's Chief Executive Officer and Chief Financial Officer in order to pursue a career opportunity in a different business segment. Mr. Føreid will remain in his position until the earlier of (a) the date his successor is appointed and approved by the HMLP Board or (b) October 31, 2020.

The HMLP Board is in the process of identifying a successor for the HMLP CEO/CFO position and intends to provide a further update in the near future.

Mr. Sveinung J.S. Støhle, Chairman of Höegh LNG Partners, commented, "On behalf of the Partnership and the Board of Directors, I want to thank Steffen for his long service and performance in the Höegh LNG Group, first as CFO for Höegh LNG from 2010 until 2019, and from 2018 as CEO/CFO for Höegh LNG Partners. Steffen has played an important role in the development and growth of the Group, and we wish him all the best in his new endeavors."

Steffen Føreid, Chief Executive Officer and Chief Financial Officer, commented, "It has been a privilege to have worked with the most talented team in the industry for the past 10 years.  Höegh LNG Partners has been established as a clear leader in the industry with strong prospects, and I am proud of the accomplishments we have achieved together.  I would like to thank Sveinung, the Board and the entire team, and wish everyone well in the future."  

Contact:
Steffen Føreid, Chief Executive Officer and Chief Financial Officer, +47 97557406
The IGB Group, Bryan Degnan, +1 (646) 673-9701 / Leon Berman, +1 (212) 477-8438
Sveinung J.S. Støhle, Chairman of the Board of Directors +47 97557402
www.hoeghlngpartners.com

View original content:http://www.prnewswire.com/news-releases/hoegh-lng-partners-lp-announces-transition-of-senior-leadership-301108010.html

SOURCE Hoegh LNG Partners LP

FAQ

What recent leadership change occurred at Höegh LNG Partners LP (HMLP)?

Steffen Føreid announced his resignation as CEO and CFO, effective by October 31, 2020.

Who is currently stepping down from their position at HMLP?

Steffen Føreid is stepping down from his roles as CEO and CFO.

What is the timeline for the CEO position transition at HMLP?

Mr. Føreid will remain until a successor is appointed or by October 31, 2020.

Who is overseeing the search for the new CEO at Höegh LNG Partners?

The HMLP Board is actively involved in identifying a successor.

What did the Chairman of HMLP say about Steffen Føreid's contributions?

Chairman Sveinung J.S. Støhle praised Føreid for his long service and significant impact on the company.