31 January 2011
Petrofac Appoints New Chairman and Non-Executive Director
Petrofac, the international oil & gas facilities service provider, today announces the appointment of a new Chairman and non-executive director to its Board.
Norman Murray and Roxanne Decyk will be appointed as independent non-executive directors on 1 March 2011. Subject to shareholder approval, Norman Murray will succeed Rodney Chase as Chairman of the Board at the conclusion of the Annual General Meeting on 13 May 2011. At the same time, Rodney Chase and Kjell Almskog will step down from the Board.
A venture capitalist for some 25 years, Norman Murray (62) was a co-founder and former Chairman of Morgan Grenfell Private Equity Limited and was also a director of Morgan Grenfell Asset Management Limited. He was appointed an independent non-executive director of Cairn Energy PLC in 1999 and Chairman in 2002. Murray is a non-executive director of Greene King PLC and Robert Wiseman Dairies plc. He is a past Chairman of the British Venture Capital Association, a past president of the Institute of Chartered Accountants of Scotland and chaired the independent committee charged with establishing the Audit Firm Governance Code which was published by the Financial Reporting Council in January 2010.
Roxanne Decyk (58) has enjoyed a varied executive career spanning three decades including 11 years with The Royal Dutch Shell Group, where she held a number of roles, most recently as head of the government affairs department, and also served on the Shell Executive Committee between 2005 and 2009. Decyk has served as a non-executive director on several Boards and is currently serving as a non-executive director of Snap-on Incorporated and Alliant Techsystems Inc.
Commenting on these proposed appointments, Rodney Chase said: “As our customers and employees come from numerous geographies and cultures it is essential that our Board reflects that diversity and continues to be refreshed. After six enjoyable years as Chairman of the Board I feel it is the right time to be stepping down and I wish Norman well. I have no doubt that both Norman and Roxanne will each make a strong individual contribution to the Board. I would like to thank Kjell Almskog, who will also leave the Petrofac Board this year, for his significant contribution in the last six years, most recently as senior independent director.”
Petrofac group chief executive, Ayman Asfari said: “I would like to thank Rodney for leading the Board so effectively for the last six years. During this time we have made the successful transition from private to public company, with more than a seven-fold increase in market capitalisation, and Rodney’s experience has been invaluable. We now look forward to working with Norman and Roxanne to take Petrofac through its next stage of development.”
Rijnhard van Tets will be appointed senior independent director with effect from 13 May 2011 subject to shareholder approval.
BOARD COMMITTEE CHANGES
Subject to shareholders approving the appointment of directors at the Annual General Meeting, the Board committees will be comprised as follows with effect from 13 May 2011:
Nominations Committee: Norman Murray (Chairman), Ayman Asfari, Thomas Thune Andersen, Stefano Cao, Roxanne Decyk and Rijnhard van Tets
Audit Committee: Rijnhard van Tets (Chairman), Thomas Thune Andersen and Roxanne Decyk
Remuneration Committee: Thomas Thune Andersen (Chairman), Stefano Cao and Roxanne Decyk
Risk Committee: Stefano Cao (Chairman), Roxanne Decyk and Rijnhard van Tets
Roxanne Decyk previously served as a director of Logica Plc and Material Sciences Corporation. In accordance with Listing Rule 9.6.15, it is confirmed that there are no further details to be disclosed in respect of either Roxanne Decyk or Norman Murray pursuant to Listing Rule 9.6.13. Murray and Decyk have 1,350 and 3,912 shares in Petrofac Limited respectively.