Yahoo News Tekmar announces new CEO and new chair in switch of leadership team
North East offshore group Tekmar has appointed a new CEO and a new chair amid a shakeup of its senior team.
The Darlington firm has announced that Richard Turner, currently CEO at Bristol firm Geoquip Marine, will take charge of the firm in September. Mr Turner has held a number of senior jobs in the North East, including CEO at Newcastle’s BEL Valves, president and CEO of JDR Cable Systems and vice president of global manufacturing at Technip Umbilical Systems. He is also a commissioner of the Port of Blyth.
Tekmar’s current CEO Alasdair MacDonald will transition to a role as executive director, and will then become a non-executive director after a six-month transition period. Steve Lockard, currently a non-executive director of Tekmar Group plc and an operating partner of SCF Partners, which rescued Tekmar in a £22m deal last year, becomes chair with immediate effect, with Julian Brown returning to his previous role as an independent non-executive director.
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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.”
Mr MacDonald 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.”
Mr Turner said: “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.”
Tekmar effectively put itself up for sale in 2022 amid challenges in its markets and the following year announced a £22m investment from US-based private equity firm SCF Partners. Since then it has offloaded its Subsea Innovation division in a £1.9m deal.
In March the company announced that revenues had increased from £30.2m to £39.9m in the year to the end of September 2023, though operating losses more than doubled to £9.3m, mostly due to a £4.7m writedown of goodwill in its offshore energy division.
