10th Jul 2006 07:01
Cape PLC10 July 2006 Cape PLC ("Cape" or the "Company") Directorate Change The Board of Cape PLC, the international provider of essential industrialsupport services to the energy sector, today announces that Martin May has beenformally appointed Chief Executive. He relinquishes his role as Chairman whichwill be taken up by David McManus. Martin May was appointed non-Executive Chairman of Cape PLC in June 2003 in apart-time capacity with the twin tasks of restructuring the Company andresolving the long-standing issue of the Company's asbestos liabilities. Bothobjectives have been successfully achieved. He has re-shaped the business,created a sound financial base and presided over a rise in turnover of £228m(2003) to £262m (2005) and in operating profit from £10m to £14.9m. He has alsode-risked Cape's exposure to outstanding UK asbestos claims, via a uniquesolution: a ring-fenced Fund, via a Scheme of Arrangement, providing greaterprotection to both claimants and shareholders. The Board believes that the appointment of Martin May to a full-time executiveposition significantly enhances the prospect of the Company achieving itsstrategic goals given his track record with the Company over the past threeyears. He will focus on driving performance, with a particular emphasis onimplementing the Company's ambitious and acquisitive growth strategy and furtherstrengthening the Company's international operations, where much of its growthopportunity lies, while consolidating its position in the UK. He will also lookto strengthen the team at Board level and ensure that the Company maximizes themany opportunities provided by its strong market position and reputation, inparticular in the buoyant energy sector. David McManus has been a Non-Executive Director of the Company since November2004. David is the Vice President of International Operations and an officer ofPioneer Natural Resources, an independent American oil and gas company.Previously, David McManus was President of ARCO Europe until ARCO's merger withBP in 2000 and then Executive Vice President with BG Group until 2004. David McManus, commented: "We are very fortunate to have secured Martin's services going forward. Havingturned the Company around over the last three years there is nobody betterplaced to take it to the next level of growth, especially with the marketopportunities we currently face. I am delighted to be taking up the position asChairman of the Board and look forward to working closely with Martin to fulfilCape's strategic plans." Martin May, commented: "I am delighted that the Board has invited me to commit to the Company for themedium term in a full-time capacity. This is an ambitious Company and havingcompleted a successful turnaround, Cape has a fantastic opportunity in front ofit. We are ideally placed financially and geographically and my job will be todrive the performance which will provide sustained value and benefit toshareholders and all our stakeholders." For further information, please contact: Cape PLC David McManus, Chairman +44 (0) 1924 876 276Martin May, Chief Executive +44 (0) 1924 876 276 Bell Pottinger Corporate & Financial Nick Lambert +44 (0) 20 7861 3232 / +44 (0) 7811 358 764 Notes to Editors Cape PLC is the parent company of a number of service providing organizations(the 'Group') operating primarily in the oil and gas, petrochemical and powergeneration industries. The Group has turnover of c. £260 million and employsaround 7,700 people in 23 countries worldwide. The Group's sole operating business is Cape Industrial Services ('CIS'). CISspecializes in the provision of scaffolding, insulation, fire protection andother essential services to major industrial clients in the energy sector. CIS operates in Bahrain and Saudi Arabia under the name RB Hilton. In the UK, CIS also operates as Cape Hire and Cape Security. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
CIU.L