The CFO of listed North East firm Tekmar is to be replaced at the end of the month.
In over five years at Tekmar, Leanne Wilkinson has progressed from the role of finance director to group CFO and executive board director.
She will be replaced at the company, based in Newton Aycliffe, County Durham, by Phil Lanigan as it seeks potential M&A opportunities.
Tekmar, a provider of asset protection technology and offshore energy services globally – such as subsea protection systems for cables – has seen its share price drop 40% in the last 12 months, and 9% in the last month.
In September last year it appointed Richard Turner as CEO. In December he announced a three-year plan to transform the firm following energy industry ‘headwinds’ which it said were beginning to subside.
Revenue dropped by nearly a quarter to £12.3m in the six months to 31st March due to lower-than-anticipated contract awards, but a bullish Tekmar claimed to have more than £50m worth of projects in its pipeline for the second half of the year.
It added that it was engaging with potential acquisition targets.
New arrival Lanigan has considerable CFO experience with public market and private equity-backed businesses. He was most recently group CFO for CRC Evans, an energy services business, where he was involved in the acquisition and subsequent integration of Stanley Black & Decker Inc’s Oil & Gas interests to create CRC Evans.
“I would like to thank Leanne for the hard work and commitment she has given to Tekmar and we wish her every success as she progresses her career outside of Tekmar,” said CEO Turner.
“Phil’s track record of delivering results in transitioning and growing businesses as well as his extensive experience in corporate finance make him a valuable addition to our leadership team. Phil will get working straight away on our 3-5 year plan – Project Aurora, in addition to managing a structured handover with Leanne.”
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