Hoegh LNG Partners LP Announces New Chief Executive Officer and Chief Financial Officer
Höegh LNG Partners LP (HMLP) announced the conclusion of its senior leadership succession process effective August 21, 2020.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
Höegh LNG Partners LP (HMLP) announced the conclusion of its senior leadership succession process effective August 21, 2020. Steffen Føreid will resign as CEO and CFO, succeeded by Sveinung J.S. Støhle as CEO and Håvard Furu as CFO. Støhle expressed commitment to enhancing the Partnership's position in FSRU services amid rising demand for clean LNG imports. The management consolidation aims to streamline operations and improve returns for unitholders, affirming the focus on maintaining attractive distributions and sustaining US market presence.
Positive
- Leadership transition positions experienced executives at the helm, which could enhance operational efficiency.
- Commitment to maintaining reliable distributions for unitholders.
- Strategic consolidation of management roles to streamline operations.
Negative
- None.
Details
News Market Reaction – HMLP
The recorded move for HMLP in the trading session of this news was +8.76%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
HAMILTON, Bermuda, Aug. 19, 2020 /PRNewswire/ -- Höegh LNG Partners LP (the "Partnership" of "HMLP") (NYSE: HMLP) announced today the conclusion of its senior leadership succession process. As previously announced, Steffen Føreid gave notice of his intention to resign as the Partnership's Chief Executive Officer and Chief Financial Officer at such time as the HMLP Board of Directors had approved a succession plan. The effective date for that resignation will be August 21, 2020 (the "Effective Date").
As of the Effective Date, the President & CEO of Höegh LNG Holdings Ltd., Sveinung J.S. Støhle, will become the Partnership's Chief Executive Officer and Håvard Furu, the Chief Financial Officer of Höegh LNG Holdings Ltd., will become the Partnership's Chief Financial Officer.
"I am very happy to take on the role as CEO for the Partnership as we continue to build our position as the preferred provider of FSRU services. At a time when the ability to import clean-burning LNG has never been in higher demand, the consolidation of management roles is part of our continuing efforts to streamline and optimize the Group to improve our results and the returns to unitholders. We remain dedicated to maintaining our reliable, attractive distribution and to sustaining the Partnership's presence in the US market, and I look forward to working alongside the Partnership's majority independent Board of Directors in the best interests of all HMLP unitholders," commented Sveinung J.S. Støhle.
In addition to the Partnership's Chief Executive Officer and Chief Financial Officer, Knut Johan Arnholdt, Vice President Strategy & IR at Höegh LNG AS, may be contacted for investor relations matters, as can Bryan Degnan and Leon Berman of The IGB Group.
Contact:
The IGB Group, Bryan Degnan, +1 (646) 673-9701 / Leon Berman, +1 (212) 477-8438
Knut Johan Arnholdt, VP IR and Strategy, +47 922 59 131
View original content:http://www.prnewswire.com/news-releases/hoegh-lng-partners-lp-announces-new-chief-executive-officer-and-chief-financial-officer-301115115.html
SOURCE Hoegh LNG Partners LP
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.