Sevan Marine CEO Carl Lieungh will step down from the company, effective 1 January 2017. The company's board of directors has appointed current CFO, Reese McNeel, as the new CEO. He will carry out both functions in parallel, the firm said in a statement today (10 October).
Lieungh will continue as an advisor to the board of directors with responsibilities related to various tasks within the group until the end of 2017.
“I would like to thank Carl for his great efforts during his five-year tenure with Sevan Marine. Sevan Marine has under his leadership been transformed from an asset heavy company to a design and engineering company. This has taken place under challenging market conditions. Carl Lieungh has also dealt with various legacy issues following the restructuring and split of the company back in 2011,” says Erling Øverland, chairman of the board, Sevan Marine.
"We are very pleased that Reese McNeel has accepted to lead the company. Reese is already a key member of Sevan Marine's management team and has been instrumental for the company in its current phase of development and in managing the challenges Sevan Marine faces. We are convinced that Reese is the right leader to ensure continuity, drive cost efficiency and further develop the company going forward," Øverland adds.
Of his appointment, McNeel had this to say: "Sevan Marine has a set of unique, proven and cost efficient technologies which is supported by a group of talented and dedicated engineers. I am both excited and honored to be able to lead this team. The offshore industry and the company continue to face challenging times. Sevan Marine has already taken numerous steps to adjust to this new situation and will continue to do so. Together with the team, I look forward to setting Sevan Marine on a path of future growth and profitability."