Kentz Corporation Limited (LSE:KENZ), the holding company of the Kentz engineering and construction group, has announced that Ed Power, their Chief Financial Officer (CFO) will step down from his position, on reaching his normal retirement age, on 29th May 2014.
Consistent with his retirement, Ed Power will not stand for re-election at the next Annual General Meeting (AGM) on 16 May 2014, and will retire as Executive Director.
Ms. Meg Lassarat will succeed Ed Power as CFO upon his retirement at the end of May, and will be appointed to the Board of Kentz Corporation Limited thereafter.
Meg brings over 20 years of global financial experience and has been instrumental in driving growth, identifying strategic alternatives and delivering positive bottom-line results in her career to date. Meg’s previous roles include senior finance positions within the energy and resource sector since qualifying as a Certified Public Accountant in the U.S. in 1989.
Most recently, Meg was CFO of UniversalPegasus International a Houston based professional engineering and field services organisation. Prior to this role, Meg spent eight years as CFO of Mustang Engineering, a part of the Wood Group. During this time, Meg oversaw a five-fold increase in revenue to over US$1bn and business expansion outside the US into Canada, Europe, Australasia and the Middle East.
Ed will remain with Kentz through to August 2014 to support Meg in her transition.
Tan Sri Mohd Razali Abdul Rahman, Chairman of Kentz, commented:”Ed has been with Kentz since 1990 and has played a pivotal role in developing Kentz into the strong, respected company that it is today. On behalf of the Board, I would like to thank Ed for his commitment and hard work over the past 24 years and wish him a very long and happy retirement.
“I am delighted to welcome Meg to Kentz. Meg brings considerable financial experience from the energy and resource sector. I believe that this knowledge and background in international finance will be instrumental in helping Kentz to deliver continued growth over the coming years and I look forward to working with her”.
Christian Brown, Chief Executive Officer of Kentz, commented:
“It has been a great pleasure working alongside Ed in the past three years since I joined the Group. Ed has made a huge contribution to Kentz having been instrumental in its success to date and gaining a great reputation throughout the Group and the investment community. I, along with all the Kentz team, wish him all the best for the future.
“I am very pleased that Meg has joined Kentz and I believe that her senior financial background in the energy and resource sector will bring an invaluable expertise to the Group. I have no doubt Meg will help drive Kentz furthermore towards its long-term aims and I look forward to working with her in continuing to deliver sustainable growth over the long-term.”