(Dow Jones) Ship Finance International Ltd. (SFL) said its chief financial officer plans to step down in the second quarter to join another shipping company.
The departure of Eirik Eide will conclude a roughly two-year stint for the executive, who came to Ship Finance in January 2010.
Eide will be replaced by Senior Vice President Harald Gurvin, an executive with the company since 2006. Prior to joining Ship Finance, Gurvin worked with the global shipping group of Fortis Bank, focusing on shipping and offshore finance.
“We thank Mr. Eide for his valuable contribution to the company and wish him the best of luck in his new endeavors,” said Chief Executive Ole B. Hjertaker. “We are very pleased that Mr. Gurvin has accepted the role as the new CFO, which will ensure a smooth and effective transition.”
Ship Finance last month reported its fourth-quarter profit edged down 1.2% as the weak tanker market and higher expenses continued to weigh on results. The company also said it was cutting its quarterly dividend 23% to 30 cents a share.
Shares were recently up 1.3% to $13.44.
-By Mia Lamar, Dow Jones Newswires
SFL was formed in 2003 as a wholly owned subsidiary of Frontline, which is a major operator of large crude oil tankers. On May 28, 2004, Frontline announced the distribution of 25% of our common shares to its ordinary shareholders in a partial spin off, and our common shares commenced trading on the New York Stock Exchange, or the NYSE, under the ticker symbol “SFL” on June 17, 2004. Frontline subsequently made six further dividends of our shares to its shareholders and its ownership in our Company is now less than one per-cent.
Read more about their history here.