RNS Number : 2987A
29 March 2012
Embargoed: 0700hrs, 29th March 2012
("Cape", the "Company" or the "Group")
The Board of Cape plc, the international provider of essential, non-mechanical support services to the energy and mineral resources sectors, announces that Martin May is today standing down as Chief Executive and as a director of the Company with immediate effect to pursue a new challenge.
Brendan Connolly, who has been a Non-Executive Director of the Company since 2011, has been appointed acting Chief Executive with immediate effect. The nomination committee has commenced a search for a replacement and a permanent appointment will be made in due course.
The Board is not aware of any change in the Group's financial position since the Preliminary Results announcement on 6 March 2012. Cape will publish its Annual Report and Accounts, as planned, on 16 April 2012, its Interim Management Statement will be announced on 16 May 2012 and the Annual General Meeting will take place on 16 May 2012.
Commenting on today's news, Cape's Chairman, Tim Eggar, said:
"I would like to thank Martin for his leadership over the last 10 successful years at Cape, a period during which Martin turned the Company around and steered it to becoming a leader in the industrial access, insulation and coating sectors. He has been at the forefront of Cape's growth and value delivery and played a key role in expanding its international activities, work which contributed to Cape returning to the Main Market of the London Stock Exchange in 2011 and its joining the FTSE250 index. I would like to wish him every success for the future.
The Board is delighted that Brendan has agreed to take on the role of acting Chief Executive. Brendan has made a big contribution since joining our Board and has extensive CEO and senior management experience in the energy sector. Cape has a world class business and is supported by excellent management and talented staff. I am confident that we are well-positioned for continued growth."
Tim Eggar +44 (0)20 7920 2347
Patrick d'Ancona +44 (0)20 7920 2347
Ben Simons +44 (0)20 7920 2340
Brendan Connolly Biography
Brendan Connolly has over 25 years of International experience in the Oil & Gas industry with Schlumberger, and was CEO of Moody International, an energy inspection company, from 2006 to 2011 before assuming the role of Industry President at Intertek. He has 30 years of International service company experience; interfacing with the same client groups as Cape plc, and has developed and delivered growth strategies. He understands the market, the challenges and the opportunities for Cape. Following his appointment as acting Chief Executive and in accordance with good corporate governance practice, Brendan will step down from Cape's Audit, Remuneration and Nomination Committees.
Cape plc (www.capeplc.com), which is listed on the main market of the London Stock Exchange, provides a range of non-mechanical industrial services including access systems, insulation, painting, coatings, blasting, industrial cleaning, training and assessment to both industrial plant operators and major international engineering and construction companies.
As a single source provider, Cape is able to provide a range of specialist multi-disciplinary services specifically tailored to meet the needs of the client providing the most intelligent and cost efficient solutions for our customers' non-mechanical in-plant maintenance and capital needs.
In the year ended 31 December 2011, Cape reported revenues of £722.5 million. With scale and leading market positions across its international footprint, Cape employs over 19,000 people in 30 countries.
This information is provided by RNS
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