TIDMLAM
RNS Number : 0688W
Lamprell plc
14 August 2015
14 August 2015
LAMPRELL PLC
("Lamprell" or "Company" and with its subsidiaries the
"Group")
DIRECTORATE CHANGES
Lamprell (ticker: LAM), a leading provider of diversified
fabrication, engineering and contracting services to the onshore
and offshore oil & gas and renewable energy industries,
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.
Mr 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. Mr 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.
Lamprell is also pleased to announce the appointments of Mr Mel
Fitzgerald and Ms Debra Valentine as Non-executive Directors of the
Company. Mr Fitzgerald will join the Board with immediate effect
and Ms Valentine will join the Board with effect from 1 September
2015. Biographical details for both Mr Fitzgerald and Ms Valentine
are set out below.
Mr 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. Mr Press will be replaced in the
role of Senior Independent Director by Mr Ellis Armstrong. The
Board will revise the composition of the principal Board committees
shortly.
Mr 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.
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.
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.
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."
The interim results will be announced on 27 August 2015. The
management will hold a presentation for research analysts at
12.30pm at Holborn Bars (138-142 Holborn, London EC1 2NQ).
In accordance with the UK Listing Rules, the Company confirms
that there are no further details that are required to be disclosed
under paragraph LR 9.6.13 R of the UK Listing Rules in respect of
Tony Wright other than as follows:
Current Directorships
-- None
Previous Directorships (past 5 years)
-- PAE Thailand plc
In accordance with the UK Listing Rules, the Company confirms
that there are no further details that are required to be disclosed
under paragraph LR 9.6.13 R of the UK Listing Rules in respect of
Mel Fitzgerald other than as follows:
Current Directorships
-- None
Previous Directorships (past 5 years)
-- Subsea 7 S.A.
In accordance with the UK Listing Rules, the Company confirms
that there are no further details that are required to be disclosed
under paragraph LR 9.6.13 R of the UK Listing Rules in respect of
Debra Valentine other than as follows:
Current Directorships
-- None
Previous Directorships (past 5 years)
-- None
- Ends -
Enquiries:
Lamprell plc
John Kennedy, Executive Chairman +971 (0) 4 803 9308
James Moffat, Chief Executive
Officer +971 (0) 4 803 9308
Tony Wright, Deputy Chief Financial
Officer +971 (0) 4 803 9308
Natalia Erikssen, Investor Relations +44 (0) 7885 522 989
Tulchan Communications, London +44 (0) 207 353 4200
Martin Robinson
Martin Pengelley
Mel Fitzgerald
Mel Fitzgerald has been in management roles within the energy
industry for more than 30 years, with wide international experience
covering operations and strategy all over the globe. Currently, Mr
Fitzgerald acts as a director to a number of companies in the
energy sector, notably in the role of Chairman for Suretank Group
Limited (a company that manufactures tanks for the offshore oil and
gas industry). Previously, Mr Fitzgerald served as the Chief
Executive Officer and Board Director at Subsea 7 (a global
contractor for the provision of seabed-to-surface engineering,
construction and services to the offshore industry, listed on the
Oslo Stock Exchange) for five years until 2012 including driving
the strategy leading to the merger with Acergy SA in 2011. Mr
Fitzgerald has a Bachelor of Engineering (Civil/Structural) from
the University of Ireland and a Masters of Business Administration
from the University of Kingston. He is also a chartered
engineer.
Debra Valentine
Debra Valentine is a seasoned executive with extensive
experience in heavy industry, having led government relations,
governance, risk and legal functions across complex global
jurisdictions. Her current role is Group executive, Legal &
Regulatory Affairs for Rio Tinto, a leading FTSE100 global mining
group, and she has been a member of Rio Tinto's Executive Committee
since 2009, contributing to the development and execution of the
group's strategy. She has significant expertise in competition and
anti-trust issues and has been involved in a number of significant
corporate transactions, including the successful defence of a
hostile takeover. Ms Valentine previously worked at United
Technologies Corporation and as a partner with the law firm
O'Melveny & Myers, as well as serving as general counsel at the
US Federal Trade Commission from 1997 until 2001. Ms Valentine has
an AB magna cum laude from Princeton University and a JD from Yale
University, and is a member of the District of Columbia bar.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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