Offshore engineering services provider Lamprell announced Friday that CEO James Moffat will retire at the end of June next year. The firm said that a search to find Moffat's successor is underway.
Moffat will continue in his roles as a director of the company and its CEO until June 2016 in order to allow a smooth handover of his responsibilities, Lamprell said. He has also agreed to work with the company on an exclusive basis for a period of up to one year to provide advice and assistance to the group.
Lamprell also said that John Kennedy will take on the role of executive chairman of the group until the next annual general meeting in 2016, while Tony Wright has been promoted to the role of chief financial officer.
Kennedy said in a company statement:
"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."
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