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TheStreet Open House

CFO Of TORM Resigns

Stocks in this article: TORMTRMD

COPENHAGEN, Denmark, April 24, 2013 (GLOBE NEWSWIRE) -- CFO and member of the Executive Board of TORM Roland M. Andersen has today tendered his resignation. He will continue his normal duties on the Executive Board and leave the Company latest by the end of October 2013. The search process for a new CFO will be initiated immediately.

TORM's Chairman Flemming Ipsen regrets Roland M. Andersen's resignation: " I have appreciated our cooperation, and on behalf of both the Board of Directors and CEO Jacob Meldgaard I wish to acknowledge Roland M. Andersen's valuable contribution to the Company also during the difficult restructuring process."                                                                                 

Roland M. Andersen says: " The work to get the Restructuring Agreement in place has now been completed, the Company's situation has stabilized and the Annual General Meeting has approved the Annual Report for 2012. In the light of this, I have decided that now is the right time for me to embark on a new journey in my professional life."

Safe Harbor statements as to the future Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and statements other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although TORM believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, TORM cannot guarantee that it will achieve or accomplish these expectations, beliefs or projections.

Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward- looking statements include the conclusion of definitive waiver documents with our lenders, the strength of the world economy and currencies, changes in charter hire rates and vessel values, changes in demand for "tonne miles" of oil carried by oil tankers, the effect of changes in OPEC's petroleum production levels and worldwide oil consumption and storage, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled dry-docking, changes in TORM's operating expenses, including bunker prices, dry-docking and insurance costs, changes in the regulation of shipping operations, including requirements for double hull tankers or actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents and political events or acts by terrorists.

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