The Abu Dhabi-based offshore services specialist company Gulf Marine’s CEO has stepped down. Since the announcement of the Group's 2018 results earlier this year, the Company has been in the process of a fundamental governance and management overhaul with the replacement of the Chairman, the CFO and all but the most recently appointed non-executive Directors.
The Board today announced that Duncan Anderson has resigned from the role of CEO and as a Board Director with immediate effect. Anderson will remain available to assist the Board with an orderly handover of his duties and responsibilities. Tim Summers, formerly non-Executive Chairman, is taking over the interim role of Executive Chairman whilst the Company finds the best placed candidate to take the business into a new chapter.
Commenting on Duncan’s stint with the company, Tim Summers, Executive Chairman, Gulf Marine said, "On behalf of the Board, I would like to thank Duncan for his years of service to the Group and we wish him well for the future. "Whilst we are disappointed to reset guidance for 2019, GMS's underlying business remains sound and the new Board recognises the importance of building a track record of delivery for our shareholders. "GMS has progressed significantly towards our objectives of governance, management, and cost improvements, and we continue to be in constructive negotiations with our banks on a new capital structure for the Company."