Lamprell, a provider of diversified fabrication, engineering and contracting services to the onshore and offshore oil & gas and renewable energy industries, has announced several changes to the Board and senior management of the Company.
James Moffat has decided to retire effective 30 June 2016 and will stand down as Chief Executive Officer and as a Director on that date. A search to find his successor is under way and an announcement in this regard will be made in due course. Until June 2016, Moffat will continue in his role as a Director and Chief Executive Officer allowing a smooth handover of his responsibilities. 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.
John Kennedy will take on the role of Executive Chairman for the Group until the next annual general meeting of the Company in 2016 as the Company refreshes its strategy in light of the current market environment. This will also facilitate the transition process from Moffat to the incoming Chief Executive Officer, when appointed.
Tony Wright has been promoted to the role of Chief Financial Officer and has been appointed as an Executive Director of the Board with immediate effect. Wright has been in the role of Deputy Chief Financial Officer since October 2014, having joined the Group in 2013 and worked on its refinancing.
Mel Fitzgerald and Debra Valentine as Nonexecutive Directors of the Company.
Michael Press has decided to resign as a Non-executive Director for personal reasons and the Board has agreed to his departure with immediate effect. Press will be replaced in the role of Senior Independent Director by Ellis Armstrong. The Board will revise the composition of the principal Board committees shortly.
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.”
Image: Lamprell