Marsh succeeds Sadler at Lloyd's RegisterCompany News // May 21, 2015
Lloyd’s Register’s Richard Sadler has taken the decision to step down as CEO at the end of 2015, after eight years in the role and the Board of Directors has announced the appointment of current CFO, Alastair Marsh, as his successor.
Since Richard Sadler’s appointment as CEO in 2007, he and the executive team have implemented a group strategy that has seen Lloyd’s Register (LR) diversify its service portfolio and grow to a £1 billion turnover business.
This period saw the creation of the Lloyd’s Register Foundation in 2012, maximising the group’s contribution to society, and technology leadership through LR’s Global Technology Centres in Southampton and Singapore.
After eight years in the role, Richard indicated to the Board that he would like to step down and pursue new challenges. The Board started the process to search for and appoint a new CEO to write the next chapter of LR’s 255 year history.
Over the past six months, the Board of Directors have conducted an internal and external review of potential successors and have unanimously agreed that Alastair Marsh possesses the capability and leadership to take on the role as LR’s next CEO.
Alastair Marsh joined LR as Group Financial Controller in April 2007 and was appointed as Group Finance Director in April 2008. Previously he held a number of senior financial management positions, including CFO and Company Secretary of Superscape Group plc, and prior to that he held similar roles at Easynet Group plc, Laporte plc, and NCR Corporation.
He is a graduate in Business Studies & Accounting from Edinburgh University and a member of the Institute of Chartered Accountants of Scotland. He worked with Price Waterhouse for five years, in both their Edinburgh and Brisbane offices, on a broad range of audit and corporate finance clients, covering a wide range of industries. Alastair also sits on the Board as Executive Director and a number of Boards of subsidiary companies.
Lloud's Register said: "Richard and Alastair have forged a very effective partnership over the past seven years. Alastair’s deep knowledge and understanding of LR’s business, markets and clients will ensure a smooth succession."
Mr Sadler will pass the CEO role to Alastair on the 1 October 2015 and commence a formal handover period until the end of December 2015.
Simon Nice, currently Group FP&A Director, will take up the role of Interim Group Financial Director during the transition.