Magnora CEO and CFO steps down

Chief executive officer (CEO) and chief financial officer (CFO) of Oslo-listed company Magnora has stepped down from the roles effective immediately.

Magnora, formed in October last year following Sevan Marine’s sale of intellectual property and business to Singapore’s Sembcorp Marine, said on Wednesday that the CEO and CFO of the company Reese McNeel would step down from the two roles.

The company added that McNeel would continue as an advisor to the board with responsibilities related to various tasks within the group until the end of August 2019.

In order to organize the company’s management in a cost-effective manner going forward, chairman of the board Torstein Sanness is taking the role of the executive chairman. He will formally hold the role of chairman of the board.

Also, Erik Sneve will take on the role of acting CEO until a permanent CEO can be appointed.

Sanness said: “I would like to thank Reese for his service to Magnora. Under his leadership as both CFO and then CEO, the company was successfully transformed and returned to profitability.

“The sale of the cylindrical hull technology and related business activity to Sembcorp Marine last year also realized substantial value for shareholders. This has all taken place under challenging market conditions. We wish Reese all the best for his future endeavors and thank him again for all his efforts.”

Leaving CEO, Reese McNeel added: “With the sale of the business to Sembcorp Marine in the fall of 2018, Magnora is now very well positioned to pursue new opportunities with strong cash flow, a low-cost base, and a strong shareholder base. I wish the Magnora team all the best for the future, and I look forward to continuing to support the company in the coming few months.”

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