Departing Euronav chief executive Hugo De Stoop was not “surprised” by the board’s decision to seek a new boss to take the company forward.

The Belgian tanker owner’s supervisory board announced on Tuesday that the near 20-year veteran is leaving by mutual agreement with immediate effect as the Fredriksen and Saverys shareholding groups seek a solution for its future direction.

De Stoop told TradeWinds: “It was certainly not a real surprise because it is very difficult for a CEO to continue to run the company when a 25%-plus shareholder no longer has trust in the CEO.