LONDON (Alliance News) - Lamprell PLC on Thursday announced a board reshuffle after its Chief Executive James Moffat said he will retire in 2016.
The fabrication, engineering and contracting service company to the offshore and onshore oil and gas industry said Moffat will retire on June 30, 2016. The search to find his successor is under way and an announcement in this regard will be made in due course, Lamprell said in a statement.
Thereafter, Moffatt has agreed to work with the company on an exclusive consultancy basis providing advice and assistance to the group for a period of up to one year.
John Kennedy will hold the role of executive chairman of the company until next annual general meeting of the company in 2016 to facilitate the transition process between Moffat's departure and the new CEO.
Kennedy will run the company as it "refreshes its strategy in light of the current market environment," said Lamprell.
"Under [Moffatt'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. We have already commenced the search process to find a replacement CEO," said Kennedy.
In addition, Deputy Chief Financial Officer Tony Wright has been promoted to permanent CFO and is now an executive director.
Two new non-executive directors also have been appointed to the board. Mel Fitzgerald joins the board with immediate effect, whilst Debra Valentine will join on September 1.
Lamprell will release its interim results on August 27.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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