Teekay Announces Senior Management Change

Teekay Corporation and Teekay Tankers Ltd. announced that Bruce Chan, Chief Executive Officer of Teekay Tankers and President of Teekay Tanker Services, has informed the Company of his intention to resign from his position effective June 20, 2014 after more than 18 years of service with the Company.

Peter Evensen, Teekay's President and Chief Executive Officer stated, "Bruce Chan has been a dynamic contributor to Teekay's growth and evolution over the past 18 years. He led our conventional tanker business through one of the toughest periods in its history and positioned it for a strong recovery. We appreciate the work he has done to lead this business. He will be missed in the organization and we wish him well in his future endeavors."

Bruce Chan said, "I have truly enjoyed working as part of the executive team at Teekay during its many years of growth. I am fortunate to have led talented teams within Teekay where I had the opportunity to collaborate and partner with global customers and suppliers and engage with our investors and analysts. I am confident that I am leaving Teekay Tankers in an excellent position to benefit from a recovery in the tanker market. After more than 18 years with Teekay, I am looking forward to pursuing new opportunities, including Board positions with for-profit and not-for-profit organizations."

Mr. Chan joined Teekay in 1995. He held a number of positions in finance, investor relations and strategic development before being appointed Executive Vice President, Corporate Resources in 2005. In 2008, Mr. Chan was appointed President of the Company's Teekay Tanker Services division, which is responsible for the commercial management of Teekay's conventional crude oil and product tanker transportation services. In 2011, Mr. Chan also assumed the position of Chief Executive Officer of Teekay Tankers Ltd., and was subsequently appointed as Director on June 12, 2013. Prior to joining Teekay, Mr. Chan worked as a Chartered Accountant in the Vancouver, Canada office of Ernst & Young LLP. A search will be conducted for his replacement.