Windows and doors business Safestyle has seen the departure of its chairman, after issuing a profit warning.
Steven Halbert has stepped down, having helped steer the business through its IPO in 2013. Current non-executive director Peter Richardson has taken on the role. Halbert joined the board in 2016 after serving as a director with Dyson.
Safestyle said revenues and underlying profit would be “significantly below market expectations” as the group struggled to deal with an “aggressive” new competitor into the market. It has cancelled its 7.5p dividend per share.
Chairman Mike O’Neill (pictured), who is stepping down in a year’s time, has said the option is open for CEO Mike Corbat to add the chair to his responsibilities.
During its annual stockholders’ meeting, O’Neill said he was a “bit agnostic” about the roles staying apart, according to a report from Reuters. However, at last year’s meeting, O’Neill had suggested keeping them separate.
With its first oil now a year away, and following a “transformative” 2017, Hurricane Energy has appointed Steven McTiernan as a non-executive chairman.
McTiernan has more than 45 years’ experience in the oil and gas industry, including a long stint as a non-executive director at Tullow Oil until 2012. Interim chairman Dr David Jenkins will return to his previous role as senior independent director when McTiernan joins on 1 May.
“The potential scale and productivity of Hurricane’s opportunity is highly significant,” said McTiernan. “I believe that my diverse technical, financing and transaction experiences can be valuable in helping shape the future progress of the company.
“I am also reassured to see the steps already taken by Dr David Jenkins and the board to put in place corporate governance standards appropriate for a more mature company, and I look forward to steering further steps in this process as the board considers the merits of application for a premium listing.”