Lloyd’s Register CEO Richard Sadler has resigned, the classification society has announced.
Sadler had been in the role for eight years and will be replaced by the current CFO Alastair Marsh at the end of 2015.
Sadler’s tenure has seen LR’s yearly turnover reach GBP1 billion (USD1.5 billion).
“When I was appointed in 2007, I made a public commitment that I would serve as CEO for five years. After eight years in the role I believe it is now time to step down to pursue new challenges while I’m still young enough,” Sadler said in a statement. “It has been a great honour to serve as CEO of LR; it is a unique organisation with a history, purpose and values of which I am immensely proud,” he added.
LR said that its board had made a unanimous decision to appoint Marsh after a six-month review.
Prior to joining LR in 2007, Marsh was CFO and company secretary of Superscape Group plc, and before that served in similar positions at Easynet Group plc, Laporte plc, and NCR Corporation, the classification society added.