StockMarketWire.com - Lamprell chief executive James Moffat has decided to retire with effect from 30 June 2016.

Lamprell says a search to find his successor is under way and an announcement will be made in due course.

Until June 2016, Moffat will continue in his role as a director and CEO allowing a smooth handover of his responsibilities. After his retirement, 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. 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 Moffat to the incoming CEO, when appointed.

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. Wright has been in the role of deputy CFO since October 2014, having joined the group in 2013 and worked on its refinancing. Lamprell is also pleased to announce the appointments of Mel Fitzgerald and Debra Valentine as non-executive directors. Fitzgerald will join the Board with immediate effect and Valentine will join the board with effect from 1 September.

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. Press will be replaced in the role of senior independent director by Ellis Armstrong. The board will revise the composition of the principal committees shortly.


At 9:05am: [LON:LAM] Lamprell PLC share price was -5.25p at 128p



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