Sevan Marine CFO takes on CEO role

  • Business & Finance

Norwegian engineering company Sevan Marine has appointed its current chief financial officer (CFO), Reese McNeel, as the company’s new chief executive officer (CEO).

Sevan said on Monday that its current CEO, Carl Lieungh, would step down from the position effective January 1, 2017.

The company added that Lieungh would continue as an advisor to the Board of Directors with responsibilities related to various tasks within the group until the end of 2017.

McNeel will in parallel continue to carry out the CFO function in Sevan Marine after he takes up his new CEO duties.

Erling Øverland, Chairman of the Board of Sevan Marine, said: “I would like to thank Carl for his great efforts during his five-year tenure with Sevan Marine. Sevan Marine has under his leadership been transformed from an asset heavy Company to a design and engineering Company.”

The departing CEO, Carl Lieungh, said: “It has been a privilege to lead Sevan Marine in a very exciting and challenging period. Sevan Marine has a unique technology which has proven its excellence in many areas. I look forward to continuing to support the Company’s development.”

Øverland added: “We are very pleased that Reese McNeel has accepted to lead the Company. Reese is already a key member of Sevan Marine’s management team and has been instrumental for the company in its current phase of development and in managing the challenges Sevan Marine faces.

Reese McNeel, the incoming CEO of Sevan Marine, said: “I am both excited and honored to be able to lead this team. The offshore industry and the company continue to face challenging times. Sevan Marine has already taken steps to adjust to this new situation and will continue to do so. Together with the team, I look forward to setting Sevan Marine on a path of future growth and profitability.”

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