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.
Risks and uncertainties are further described in reports filed
by TORM with the US Securities and Exchange Commission, including
the TORM Annual Report on Form 20-F and its reports on Form 6-K.
Forward-looking statements are based on management's current
evaluation, and TORM is only under an obligation to update and
change the listed expectations to the extent required by law.
