Bjørn Sjaastad, the Chief Executive Officer (“CEO”) of Frontline Management AS, has today informed the Board of Frontline Ltd. (“Frontline” or the “Company”) of his resignation.
Mr. Sjaastad has for the last two years been commuting between his family home in Bergen and the workplace in Oslo and for family reasons has decided to move back to Bergen.
The Board of Frontline regrets Mr. Sjaastad’s resignation, but greatly appreciates all the work he has done in order to streamline Frontline to a top professional tanker company.
Mr. Sjaastad is expected to leave the company before the end of June. The Board of Frontline will immediately start the recruitment process in order to find a new CEO for Frontline Management AS. Until the position is filled, the CEO of Frontline, Mr. John Fredriksen, and the Board of Frontline Management AS, will take over Mr. Sjaastad’s responsibilities.
April 2, 2008
The Board of Directors