REG - Tekmar Group PLC - CEO Appointment & Board Changes

TekmarAnnouncement

24/06/2024 07:00

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RNS Number : 4869T  Tekmar Group PLC  24 June 2024

 

TEKMAR GROUP PLC

("Tekmar Group", "Tekmar", the "Group" or the "Company")

 

CEO Appointment & Board Changes

 

Tekmar Group (AIM: TGP), a leading provider of technology and services for the
global offshore energy markets, announces the following Board changes in line
with its orderly succession planning to deliver the next phase of Tekmar's
ambitious growth plan and execution of the Board's value creation strategy.

 

Richard Turner will join the Group as Chief Executive Officer at the start of
September 2024. Richard has considerable experience as a CEO in the offshore
energy sector, including offshore wind, with a strong track record of driving
profitable growth in these roles. Richard joins from Geoquip Marine, where he
was CEO since October 2022. Geoquip Marine specialises in global offshore
geotechnical site investigation and data acquisition in the offshore energy
and renewables markets.

 

During his time at Geoquip Marine, Richard developed and executed a clear
strategy delivering significant revenue and profit growth in an accelerated
period of twelve months, through business change and driving operational and
commercial excellence.

 

Prior to Geoquip, Richard was CEO of BEL Valves and President and CEO of JDR
Cable Systems. Prior to joining JDR, Richard was Vice President of Global
Manufacturing at Technip Umbilical Systems. Richard is also a Commissioner of
the Port of Blyth.

 

Alasdair MacDonald, current CEO of the Group, will transition to a role as
Executive Director where he will support the CEO transition and value creation
through both organic efforts and through Group M&A. It is anticipated that
Alasdair will assume these responsibilities for six months effective from the
start of September 2024, after which he will move to be a Non-Executive
Director of the Group. Alasdair will remain as CEO until Richard's
appointment.

 

Steve Lockard, currently a Non-Executive Director of Tekmar Group plc and an
operating partner of SCF Partners, assumes the role of Chair with immediate
effect with Julian Brown returning to his previous role as Independent
Non-Executive Director.

 

David Wilkinson, Senior Independent Director of Tekmar Group said, "The
changes announced today give investors clarity on the leadership team that
will drive the next stage of growth for Tekmar and represents the successful
conclusion of a multi-year strategy by the Board to stabilise Tekmar and
position the Group for sustained success. We have a clear ambition to build a
leading offshore wind services platform company and as a Board, we remain
resolutely focused on delivering on our value creation strategy for the
benefit of all shareholders.

 

Following a rigorous selection process, we are pleased to announce that
Richard will be joining the Group and look forward to him bringing his proven
capabilities to the Board as CEO. He is highly-regarded in the industry,
brings extensive executive leadership experience and has a track record of
delivering manufacturing and engineering excellence, commercialising
technology, data and analysis and driving profitable growth in offshore energy
businesses.

 

Alasdair has dedicated over a decade to leading Tekmar both as Chairman and
CEO. Over this period, he has guided the business with distinction through
landmark transactions and the unprecedented global events of recent years and,
as CEO, has led the transition of Tekmar to be a more predictable business
built on sound engineering practices and good commercial management. We will
continue to benefit from his capabilities and experience around the Board
table and thank him for his time spent as CEO of the Company.

 

Steve brings 40 years of experience in global operations and business
development leadership to the Board. As CEO of TPI Composites Inc., Steve led
the transformation from a recreational boat builder to a large global wind
blade manufacturer. Steve led TPI's IPO on Nasdaq in 2016 and moved to the
Chairman role in 2020. He served for more than a decade on wind industry
boards in the U.S. and Europe. Steve has been supporting SCF Partners on
energy transition investments and company platform building since 2021. As we
were considering the optimal structure of the Board going forward, and our
growth opportunities across our core offshore wind and other offshore energy
markets and through M&A, it makes sense to have someone with Steve's
directly relevant experience and pedigree acting as Chairman."

 

Alasdair MacDonald, CEO of Tekmar Group said, "Tekmar has made significant
progress in recent years and is well positioned for the future as a stronger,
more commercially robust and balanced business with a platform for sustained
growth. I am confident that Tekmar will continue to go from strength to
strength and look forward to supporting Richard and the Board to deliver for
shareholders on the very significant opportunities ahead."

 

Richard Turner, CEO designate of Tekmar Group commented: "I am delighted to be
joining Tekmar at this pivotal period in its journey. The scale of the
opportunity we have ahead in offshore energy markets and the ambition of the
Board to deliver on this makes this a highly compelling leadership role.
Alisdair passes on the CEO baton with the business in good shape, having
guided Tekmar through significant change, earning him the respect of our
colleagues, shareholders and broader stakeholders. I look forward to working
with Alisdair and the Board, the senior leadership group and my Tekmar
colleagues as we deliver on the next stage of growth for the business."

 

Additional Information on the Board Appointment

 

The following additional information is provided with regards to the
appointment of Richard John Turner, aged 45, in accordance with AIM Rule 17
and Schedule 2(g) of the AIM Rules for Companies:

 

Current Directorships/partnerships:

 ·             Offshore Wind Growth Partnership Ltd
 ·             Port of Blyth
 ·             Elan Solutions Ltd
 ·             Volkscentre Ltd
 ·             GQM Services Ltd

 

Directorships/partnerships within the last five years:

 ·             BEL Valves Ltd

 

There are no further disclosures required to be made in respect of the
appointment under AIM Rule 17 and Schedule 2(g) of the AIM Rules for Companies

 

 

Enquiries:

 

 Tekmar Group plc

 Alasdair MacDonald, CEO                                       Via Gracechurch Group

 Leanne Wilkinson, CFO

 Singer Capital Markets (Nominated Adviser and Joint Broker)   +44 (0)20 7496 3000

 Rick Thompson / Sam Butcher

 Berenberg (Joint Broker)                                      +44 (0)20 3207 7800

 Ben Wright / Ciaran Walsh

 Gracechurch Group (Financial Media & Investor Relations)      +44 (0)20 4582 3500

 Murdo Montgomery / Heather Armstrong

 

About Tekmar Group plc

 

Tekmar Group plc (LON:TGP) collaborates with its partners to deliver robust
and sustainable engineering led solutions that enable the world's energy
transition.

Through our Offshore Energy and Marine Civils Divisions we provide a range of
engineering services and technologies to support and protect offshore wind
farms and other offshore energy assets and marine infrastructure. With near 40
years of experience, we optimise and de-risk projects, solve customer's
engineering challenges, improve safety and lower project costs. Our
capabilities include geotechnical design and analysis, simulation and
engineering analysis, bespoke equipment design and build, subsea protection
technology and subsea stability technology.

We have a clear strategy focused on strengthening Tekmar's value proposition
as an engineering solutions-led business which offers integrated and
differentiated technology, services and products to our global customer base.

 

Headquartered in Newton Aycliffe, UK, Tekmar Group has an extensive global
reach with offices, manufacturing facilities, strategic supply partnerships
and representation in 18 locations across Europe, Africa, the Middle East,
Asia Pacific and North America.

 

For more information visit: www.tekmargroup.co.uk
(http://www.tekmargroup.co.uk) .

Subscribe to further news from Tekmar Group at Group News
(http://eepurl.com/cN91l5) .

 

 

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