StockMarketWire.com - Lamprell executive chairman John Kennedy and chief executive James Moffat have agreed to extend their roles while the search for a new CEO continues. The group is also axing about 100 admin jobs to cut overheads.

Lamprell says these extensions ensure management stability during a challenging period for the industry. Kennedy and Moffat will remain in their respective roles until 31 December 2016 or until the appointment of a new CEO if this is earlier. Further to the extension of his period as a director and CEO, Moffat's exclusive consultancy agreement post-retirement will run until the end of March 2017.

In addition, given the continuing challenges in market conditions and as the construction cycle of current projects moves towards completion, the Group is implementing a number of cost saving measures in its fixed and variable costs.

In continuation of the earlier overhead reduction programme, the Group has taken immediate steps to reduce its management, professional and administrative headcount by around 100 people or a total of 8% of all overhead staff.

This includes project support personnel, as some of the ongoing projects reach completion, as well as back-office staff. The Group is also targeting other operating and overhead savings.




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