Athens: Richard Sadler will step down as CEO of Lloyd’s Register (LR) at the end of this year and will be replaced by the class society’s current CFO, Alastair Marsh.
Sadler will hand the CEO role to Marsh on October 1 after which a formal handover period will commence until the end of December 2015, LR said today. Group FP&A director Simon Nice will be LR’s interim group financial director during the transition.
Sadler has been CEO of LR for the past eight years, but will leave to “pursue new challenges”.
“When I was appointed in 2007, I made a public commitment that I would serve as CEO for five years. After eight years in the role I believe it is now time to step down to pursue new challenges while I’m still young enough,” Richard Sadler said in a statement today. “It has been a great honour to serve as CEO of LR – it is a unique organisation with a history, purpose and values of which I am immensely proud”.
While in the role, Sadler and his team worked to diversify LR’s service portfolio and grew the society into a £1bn turnover business. The charitable Lloyd’s Register Foundation was established in 2012, followed by two Global Technology Centres founded in Southampton and Singapore to enhance the society’s leadership in technology and research.
“I feel very privileged to have been asked by the LR Board to take over from Richard as CEO,” said Alastair Marsh. “I am passionate about LR as an organisation and I am delighted to have been given the opportunity to lead LR through what promises to be exciting and challenging times ahead for the clients and industries we serve.”
Marsh joined LR as group financial controller in April 2007, rising to group finance director in April 2008.
He has held a number of senior financial management positions, having been CFO and company secretary of Superscape Group, plus roles at Easynet Group, Laporte and NCR Corporation.