Offshore rig builder Lamprell has made changes to its board and senior management following a successful transition to the new chief executive officer.
Lamprell said on Monday that John Kennedy decided to stand down from his position as executive chairman and to resume his role as a non-executive chairman with immediate effect.
To remind, the company’s new CEO, Christopher McDonald, took over in October 2016 from James Moffat, who has been in the role of CEO since March 2013. Moffat continued supporting McDonald full time until mid-November of last year.
To make the CEO’s transition smoother, Kennedy continued in the role of executive chairman, which he took on in 2015 and was supposed to hold until the company’s annual general meeting in 2016.
As a result of the successful transition, Kennedy will return to his previous role as non-executive chairman and director of the company until he fully retires from the board on September 20, 2017.
Ellis Armstrong, senior independent director of Lamprell, said: “I would like to thank John for his service and dedication as chairman over the last five years. John’s leadership of the board and strategic vision to create the opportunity we have through our potential participation in the Maritime Complex in Saudi Arabia has positioned the company extremely well at a time of very challenging market conditions.”
Kennedy added: “I have decided that it is the right time for me to announce that I am stepping down as chairman. I am very proud of what the company has achieved since my appointment in 2012, despite the difficult markets which we have encountered. I look forward to helping the board identify a suitable successor and to supporting the company’s continued progress.”
Kennedy has spent most of his executive career in the oilfield services sector. He started at Schlumberger and then moved to Halliburton where he ultimately held the role of executive vice-president. He was the executive chairman of Wellstream Holdings from 2003 until its acquisition by GE.
He also serves as a member of Lamprell’s Nomination & Governance Committee.