Gulf Marine Services Chair To Step Down After Investor Consultations

LONDON (Alliance News) - Gulf Marine Services PLC on Monday said that Chair Simon Heale has ...

Alliance News 11 February, 2019 | 12:43PM
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LONDON (Alliance News) - Gulf Marine Services PLC on Monday said that Chair Simon Heale has decided to step down from the company's board following consultations with shareholders.

Heale will leave the board once a suitable replacement is found, Gulf Marine said. Meanwhile, Senior Independent Director Spencer Stuart will lead the search for a replacement.

Gulf Marine's 13.7% shareholder Seafox International Ltd noted the announcement and said it welcomes Heale's decision.

At the end of January, Seafox made known its intention to remove Heale, and replace him with former News International and current Times Newspapers chair Andrew Knight.

Gulf Marine on Monday added that the process to appoint a new chief financial officer is "now reaching a conclusion", with a candidate to be appointed shortly.

Since the company's banking facilities are primarily sourced from a syndicate of banks based in Abu Dhabi, the board believes that it would be in the best interests of the company to consider the addition of UAE non-executive director to the board, Gulf Marine said.

"The company will actively engage with its shareholders, including in particular all its principal shareholders in the UAE/MENA region, to identify appropriate candidates for consideration," the firm said.

Seafox, on Monday, reiterated its previous proposals to appoint Abdullah Mazrui as a new director, "noting that he is not only from Abu Dhabi, but personally holds approximately 5.5% voting shares in Gulf Marine".

Gulf Marine shares were trading down 1.8% at 21.61 pence each on Monday.

By Elena Cherubini; elenacherubini@alliancenews.com

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar
Rating
Gulf Marine Services PLC 18.14 GBX -8.82 -
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