Due to the sale of the cylindrical hull technology and related business activity to Sembcorp Marine last year, succeeded by a new strategic direction for the Company, Reese McNeel and the Board of Directors of Magnora ASA (“Magnora” or the “Company”) have agreed that Reese McNeel will step down as CEO and CFO effective immediately.
Reese McNeel will continue as an advisor to the Board of Directors with responsibilities related to various tasks within the group until the end of August 2019.
“I would like to thank Reese for his service to Magnora. Under his leadership as both CFO and then CEO, the Company was successfully transformed and returned to profitability. The sale of the cylindrical hull technology and related business activity to Sembcorp Marine last year also realized substantial value for shareholders. This has all taken place under challenging market conditions. We wish Reese all the best for his future endeavours and thank him again for all his efforts,” says Torstein Sanness, Chairman of the Board.
“It has been a privilege to lead the Company through a very exciting and challenging period. With the sale of the business to Sembcorp Marine in the fall of 2018, Magnora is now very well positioned to pursue new opportunities with strong cash flow, a low cost base and a strong shareholder base. I wish the Magnora team all the best for the future and I look forward to continuing to support the Company in the coming few months,” says leaving CEO, Reese McNeel.
In order to organize the Company’s management in a cost effective manner going forward, and in parallel to be able to maximize shareholder value, it has been decided that Mr. Torstein Sanness, Chairman of the Board, will take a more active role in the management of the Company as “Executive Chairman.” He will formally hold the role of Chairman of the Board. Working in cooperation with Torstein Sanness and the Board of Directors, and until a permanent CEO can be appointed, Erik Sneve will support the strategic development of the Company as acting CEO.
“Magnora continues to pursue the strategy outlined in the press release of December 10, 2018. With the main objectives being to realize the maximum value from its existing license agreements, to maintain a low cost base, to return value to shareholders and to explore new investment opportunities.” says Torstein Sanness, Chairman of the Board.
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This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.