LAM.L Share News (LAM)

(ShareCast News) - James Moffat will retire from his role as Lamprell's chief executive next year, the London-listed company said on Friday.In a short statement, the fabrication, engineering and contracting service company to the offshore and onshore oil and gas industry said Moffat will step down from his role on 30 June 2016, adding a search for his successor had already begun.Moffat continue to work with the company on an exclusive consultancy basis for a period of up to 12 months.The company added John Kennedy will hold the role of executive chairman until the next annual general meeting in 2016, to facilitate the transition process."Under Moffat's management, the company has delivered impressive financial and operational performance, including record profits in 2014, and is in a much stronger position as a result," Kennedy said."We have already commenced the search process to find a replacement CEO."Meanwhile, the group added deputy chief financial officer Tony Wright will be in the role permanently.Lamprell shares were down 2.63% to 129.75p at 1048 BST on Friday.