Sean Day has quit as chairman of Teekay Corp after almost two decades in the job.

Day, who will also depart as chairman of Teekay Offshore, stepping down just a couple of months after Peter Evensen handed over the chief executive’s chair to Kenneth Hvid. He will retain a seat on the companies' boards.

Axel Karlshoej, brother of Teekay founder Torben Karlshoej and chairman Emeritus of Teekay Corp said, "I want to thank Sean for his extraordinary leadership over the past 18 years.

“During