Tekmar Group (AIM: TGP), a leading provider of technology and services for the global offshore energy markets, announces that James Ritchie-Bland, Chief Executive Officer (“CEO”), has informed the Board of his intention to leave the business before the end of the current financial year, and has, today, resigned as CEO and stepped down from the Board.
Alasdair Macdonald (“Ally”), currently Non-executive Chairman of the Group, assumes the role of Executive Chairman with immediate effect and a formal process to recruit and appoint a new CEO will commence shortly. James will remain in the business, working closely with Ally, until a new CEO is secured to effect an orderly and efficient handover.
James was a founder of Tekmar Energy, which was established over 12 years ago, when he identified a global opportunity for subsea cable technology in offshore wind. He led a management buy-out of Tekmar Energy in 2011, backed by Elysian Capital and the successful IPO and Admission to AIM seven years later (June 2018).
Under his leadership, the business has grown from a start up to a global technology business, delivering revenue in excess of £40m, representing a CAGR of c.25% in the last six years, and employing over 200 people in 17 locations worldwide.
Alasdair Macdonald, Executive Chairman of Tekmar, said:
“On behalf of the Board and everyone at the Company, I would like to thank James for his unwavering commitment and outstanding contribution to the business over the last decade. His drive and ambition have transformed Tekmar Energy from a small family start up into a global business, generating revenues in excess of £40m and employing over 200 people in 17 locations. He should be truly proud of his achievements.
“I am personally delighted that he has agreed to stay with the business in the near term and look forward to working closely with him until his successor is in place. On behalf of everyone at Tekmar Group, I would like to take this opportunity to wish him the best of luck in his future ventures.”
James Ritchie-Bland said:
“I am very proud of all that we have achieved to date as a team at Tekmar Group. It has been a privilege to be part of the Group’s journey, which has taken us from humble beginnings, through private equity ownership to admission to the London Stock Exchange’s growth market, AIM.
“It is the right time for me to hand over the reins to Ally’s experienced hands and I am confident in the team’s ability take the business onto the next stage of its development. I look forward to following the Group’s progress, as a shareholder, and watching the business as it continues on its exciting growth trajectory.”