Frontline appoints Macleod as new CEO

Crude oil tanker firm Frontline, part of shipping tycoon John Fredriksen's business empire, appointed Robert Hvide Macleod as chief executive to replace Jens Martin Jensen, the firm said on Monday.

Jensen, who was elected to the Frontline board last month, will stay on as the firm's chief for the sale and purchase, newbuilding and other maritime related projects, frontline said.

"Combined with his (Macleod's) outstanding network throughout the tanker industry, we believe this will ensure that the Company remains the driving force in the industry," Fredriksen said in a statement.

"With Jens Martin Jensen's continuation with the Group and his extensive experience and knowledge I am confident this will continue to help drive the Company forward," Fredriksen added.

Reporting by Balazs Koranyi