Lamprell announces the following changes to the Board and senior management of the Company.
Mr 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, Mr 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.
Mr 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 Mr Moffat to the incoming Chief Executive Officer, when appointed.