Lamprell in directorate changes. CEO leaving
Lamprell, UAE-based provider of fabrication, engineering and contracting services to the oil and gas industry, has made several changes to the Board and senior management of the company.
Namely, James Moffat has decided to retire effective June 30, 2016, and will stand down as Chief Executive Officer (CEO) and as a Director on that date. The company said that it is searching for his successor. Until June 2016, Moffat will continue in his role as a Director and CEO. Thereafter, he 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.
Furthermore, Lamprell said John Kennedy will take on the role of Executive Chairman for the Group until the next the company’s annual general meeting in 2016.
John Kennedy, Chairman, Lamprell, said: “We are sorry to see Jim Moffat retire and will always be grateful for his significant contribution. Under his 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. On behalf of the Board I sincerely thank Jim for his efforts and significant achievements since joining in early 2013.”
Also, Tony Wright has been promoted to the role of Chief Financial Officer (CFO) and has been appointed as an Executive Director of the Board with immediate effect. Wright has been in the role of Deputy CFO since October 2014, having joined the Group in 2013 and worked on its refinancing.
Kennedy commented: “I am also pleased that Mr Tony Wright has been promoted to the role of Chief Financial Officer for the Company. During his time working in the Group he has had a very positive impact on the way that the business operates and the Board is keen to promote from within where possible.”
Lamprell is has also appointed Mel Fitzgerald and Debra Valentine as Non-executive Directors of the company. Fitzgerald will join the Board with immediate effect and Valentine will join the Board with effect from September 1, 2015.
In addition, Michael Press has decided to resign as a Non-executive Director for personal reasons, and his resignation is with immediate effect. Press will be replaced in the role of Senior Independent Director by Ellis Armstrong. The company said the Board will revise the composition of the principal Board committees shortly.
Kennedy said: “I am delighted to announce that Mr Mel Fitzgerald and Ms Debra Valentine have agreed to join as Non-executive Directors as this will strengthen the Board significantly. They both bring many years of experience in the global energy industry and their respective skills will complement the current expertise on the Board, thereby creating a balanced and high-performing Board with a strong combination of industry specific, financial and operational experience.”
“Finally, I would like to thank Michael Press for his involvement in the Group over the past two years during which time we have seen Lamprell establish a strong financial platform and embark on the next phase of its strategy. Michael contributed significantly to that process and it is with regret that we see him leave the Company. The Board wishes him all the best for the future and welcomes Ellis Armstrong into the role of Senior Independent Director.”