Lloyd’s Register (LR) has announced that its CEO, Richard Sadler, has taken the decision to step down at the end of 2015, after eight years in the role.
The Board of Directors has announced the appointment of Alastair Marsh, the current CFO, as Sadler’s successor.
Since Sadler’s appointment in 2007, the executive team have implemented a group strategy that has seen LR diversify its service portfolio and grow to a £1 billion turnover business.
Marsh joined LR as Group Financial Controller in April 2007 and was appointed as Group Finance Director in April 2008. Previously he held a number of senior financial management positions, including CFO and Company Secretary of Superscape Group plc, and prior to that he held similar roles at Easynet Group plc, Laporte plc, and NCR Corporation.
Sadler and Marsh have forged an effective partnership over the past seven years. The latter’s deep knowledge and understanding of LR’s business, markets and clients will ensure a smooth succession. Sadler will pass the CEO role to Marsh on 1 October 2015 and commence a formal handover period until the end of December 2015.
Commenting on his resignation, Sadler said: “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. 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”.
Speaking on his appointment to the role of CEO, Marsh noted: “I feel very privileged to have been asked by the LR Board to take over from Richard as CEO. 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.”
LR’s Chairman, Thomas Thune Andersen, added: “I would like to thank Richard for his dedication, vision, drive and passion in leading LR over the past seven years. I have every confidence that Alastair will uphold LR’s values and build on Richard’s achievements to ensure the continued success of LR”.
Adapted from press release by Katie Woodward
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