Lamprell CFO Resigns Ahead of Results
Dubai-based offshore engineering and construction firm Lamprell reported Wednesday that Chief Financial Officer Frank Nelson has decided to leave the firm and return to the UK for personal reasons. The news comes just a day ahead of the company's results for the six months to June 30.
Lamprell said that Joanne Curin, currently non-executive director for WS Atkins and Deep Ocean Group Holdins, will replace Nelson on October 1. Curin has held senior management positions at a number of large multinational companies, including Lend Lease Corporation and P&O.
Lamprell Chairman John Kennedy commented:
"It is with regret that Frank Nelson has informed the company of his intention to leave the group for personal reasons. Frank originally joined Lamprell on an interim basis last October to allow the Board sufficient time to identify a replacement and so I am very pleased to announce that we have been able to appoint Joanne Curin to replace Frank in the role as she brings a wealth of experience and expertise, particularly in light of her many years of working at the most senior level for listed companies."
The replacement of Nelson by Curin will be the second major change of personnel at the top of Lamprell this year. In March, James Moffat was appointed CEO of the group, which in spite of a strong order book has struggled with revenues and profits during the past year.
In its results for 2012, Lamprell reported that its revenue declined to $1,046 million from $1,148 million the year before while it also moved from profit to loss, registering a $111 million post-tax loss for 2012 (2011: $63.3 million profit).
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