MODEC Shuffles Corporate Management

Today the MODEC Board of Directors resolved to submit the following Proposal to the Annual Shareholders' Meeting which will be held on March 27, 2009:

  • that Nobuhiro Yaji be promoted to President and Co-CEO of MODEC, Inc.;
  • that Shashank Karve be promoted to Managing Director and Chief Operating Office of MODEC, Inc. as well as Chairman and CEO of MODEC International, Inc., a subsidiary of MODEC, Inc.;
  • and that Kenji Yamada assume the role of Chairman and continues as CEO of MODEC, Inc.

Mr. Yaji has been a member of the board of directors of MODEC, Inc. since 1999 and previously served as Managing Director and Chief Operating Officer. Mr. Yaji is responsible for:

  • Global Financial Reporting
  • Global Asset Management
  • Global Information Technology
  • New Technology Division
  • Global Risk Management
  • NATCO Japan relationship

The following individuals report to Mr. Yaji:

  • Mitsuhiro Mokumoto, Chief Financial Officer;
  • Hideo Miyashita, General Manager, Asset Management Department
  • Edward Flavin, Chief Information Officer
  • Masaki Kawase, General Manager, New Technology Division
  • Michael Lipowski, Chief Risk Officer

Mr. Karve continues to serve as a member of the board of directors of MODEC, Inc., a position he has held since 2004. Mr. Karve is responsible for:

  • Global Operations
  • Global Project Execution
  • Global Health, Safety, Environment and Quality
  • Global Project Development (including Sales & Marketing)
  • Global Human Resources
  • SOFEC, a MODEC Group Company

The following individuals report to Mr. Karve:

  • Rick Hall, President of MODEC International, Inc and President of SOFEC, Inc.
  • Sateesh Dev, President of MODEC Offshore Productions Systems (Singapore) Pte Ltd.
  • Cy Sharp, Global Director of HSEQ
  • Masaki Habu, General Manager, Pacific Project Development/Sales
  • Puneet Sharma, General Manager, Atlantic Project Development/Sales
  • Fred Bridgewater, Global Human Resources

Mr. Yamada has served as a director of the company since 1997 and has held the position of CEO since 2001. Both Mr. Yaji and Mr. Karve report to Mr. Yamada.

Founded in 1968, MODEC is a general contractor specializing in engineering, procurement, construction and installation as well as operation and maintenance of floating production systems including Floating Production Storage and Offloading (FPSO) vessels, Floating Storage and Offloading (FSO) vessels, Tension Leg Platforms (TLPs), Production Semi-Submersibles, Mobile Offshore Production Units (MOPUs) and other new technologies that will be required to meet the offshore industry's new challenges. MODEC also provides SOFEC turret mooring systems, SOFEC spread mooring systems and SOFEC import/export terminals (CALM buoys).