UAE-based offshore engineering firm Lamprell has announced that John Kennedy and James Moffat have agreed to extend their respective roles as executive chairman and chief executive officer while the search process to find a new ceo continues.
They will remain in their roles until December 31, 2016 or until the appointment of a new ceo. Lamprell said the extensions ensure management stability during a challenging period for the industry.
In addition, Lamprell 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 as part of its cost saving measures.
“The board has been assessing potential candidates for the role of ceo to replace James Moffat following his retirement later this year. The ceo search process remains a key priority for the Board and we are determined to find the right candidate. In the current operating environment, the board and executive management will provide leadership continuity. Accordingly, I am delighted that Mr. Moffat has agreed to defer his retirement which will allow us to continue to benefit from his extensive experience and depth of knowledge of the industry during these challenging times,” said John Kennedy, executive chairman for Lamprell.