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:
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
Leanne Wilkinson, CFO
|
Via
Gracechurch Group
|
Singer Capital
Markets (Nominated Adviser and Joint Broker)
Rick Thompson / Sam
Butcher
|
+44 (0)20
7496 3000
|
Berenberg (Joint
Broker)
Ben Wright / Ciaran Walsh
|
+44 (0)20
3207 7800
|
Gracechurch Group (Financial Media
& Investor Relations)
Murdo Montgomery / Heather
Armstrong
|
+44 (0)20
4582 3500
|
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.
Subscribe to further news from
Tekmar Group at Group News.