Teekay Announces Senior Management Change

HAMILTON, BERMUDA--(Marketwired - Oct. 9, 2015) - Teekay Corporation (Teekay or the Company) (NYSE:TK) announced that long-time Teekay leader David Glendinning, President, Teekay Gas Services, has decided to retire, as of December 17, 2015, after more than 28 years at Teekay.

Stepping up to replace Mr. Glendinning is Mark Kremin, currently Vice President, Teekay Gas Services. Mr. Kremin recently took over reporting line accountability for the Teekay gas operations team, and will complete the full handover of leadership accountabilities on Mr. Glendinning's retirement date.

Peter Evensen, Teekay's President and Chief Executive Officer said, "It will be a bittersweet day to say goodbye to David in December. We will all miss his energy and drive and commitment to Teekay. David is often referred to as Mr. Teekay. His enthusiasm and deep knowledge of the marine markets - and of Teekay - will be sorely missed."

"However," Mr. Evensen continued, "after 28 years of Teekay service, and more than 45 years in the industry, at sea and on shore, David deserves a long and happy retirement. On behalf of everyone at Teekay - past and present - we wish him well."

Mr. Glendinning commented, "I consider myself to be very lucky to have participated in the long and continued successful growth of Teekay. When I began with the company in 1987, we were a small team of managers under Founder Torben Karlshoej's astute leadership, operating a small fleet of oil tankers in the Pacific basin. Now, we have diversified and grown incredibly, and the last 12 years of leading the gas business has been most enjoyable - and successful! I know Mark will continue that success."

Mr. Glendinning's successor, Mark Kremin, has been with Teekay since 2000 and has been instrumental in the growth of Teekay's gas business through the NYSE-listed Teekay LNG Partners L.P. (TGP), working alongside Mr. Glendinning.

"Mark is a highly experienced gas business leader. He has led the project development of many of TGP's largest and most successful growth investments," explained Mr. Evensen. "I have no doubt he will take up the gas leadership mantle from David and take that business forward with great success."

About David Glendinning

David Glendinning joined Teekay in 1987. Since then, he has held a number of senior positions, including Vice President, Marine and Commercial Operations from 1995 until his promotion to Senior Vice President, Customer Relations and Marine Project Development in 1999. In 2003, Mr. Glendinning was appointed President of our Teekay Gas Services division, which is responsible for our initiatives in the LNG business and other areas of gas activity. Prior to joining Teekay, Mr. Glendinning, who is a Master Mariner, had 18 years of sea service on oil tankers of various types and sizes. He retires on December 17, 2015.

About Mark Kremin

Mark Kremin has 20 years of experience in the shipping industry. In 2000, he joined Teekay as in-house counsel. In 2006, he was promoted to his current position of Vice President, Teekay Gas. He represents Teekay Gas on the boards of joint ventures with partners in Belgium, Indonesia, Japan and Qatar. Prior to joining Teekay, Mr. Kremin was an attorney in an admiralty law firm in Manhattan. Prior to attending law school in New York City, he worked for a leading owner and operator of containerships.

About Teekay Corporation

Teekay Corporation operates in the marine midstream space through its ownership of the general partners and a portion of the outstanding limited partner interests in Teekay LNG Partners L.P. (NYSE:TGP) and Teekay Offshore Partners L.P. (NYSE:TOO). The general partners own all of the outstanding incentive distribution rights. In addition, Teekay has a controlling ownership interest in Teekay Tankers Ltd. (NYSE:TNK) and directly owns a fleet of vessels. The combined Teekay entities manage and operate consolidated assets of approximately $12.5 billion, comprised of approximately 215 liquefied gas, offshore, and conventional tanker assets. With offices in 15 countries and approximately 7,100 seagoing and shore-based employees, Teekay provides a comprehensive set of marine services to the world's leading oil and gas companies.

Teekay's common stock is listed on the New York Stock Exchange, where it trades under the symbol "TK".