Sadler steps down after eight years leading the international classification society
By
Rebecca Gibson |
Richard Sadler is to step down as CEO of classification society Lloyd’s Register (LR) in October 2015 after eight years in the position.
Sadler originally joined LR in 1976 but left to work for various other organisation before returning in 2006 as EMEA director. He formally assumed the position of CEO on 1 July 2007.
Since his appointment as CEO, he has worked with the executive team to implement a group strategy that has seen LR diversify its service portfolio and grow to a £1 billion turnover business. He helped to create the Lloyd’s Register Foundation in 2012 to maximise the group’s contribution to society and create the LR Global Technology Centres in Southampton, UK, and Singapore.
“When I was appointed in 2007, I made a public commitment that I would serve as CEO for five years,” said Sadler. “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. 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.”
Alistair Marsh, who has been CFO of LR since April 2008, will replace Sadler. Although he will officially become CEO on 1 October, Sadler will remain with the company until the end of December to complete a formal handover period. Simon Nice, currently group FP&A director, will take up the role of interim group financial director during the transition.
“I feel very privileged to have been asked by the LR board to take over from Richard as CEO,” said Marsh. “I am passionate about LR as an organisation and I am delighted to have been given the opportunity to lead LR through what promises to be exciting and challenging times ahead for the clients and industries we serve.”
Speaking about the leadership change, LR’s chairman, Thomas Thune Andersen said: “I would like to thank Richard for his dedication, vision, drive and passion in leading LR over the past seven years. I have every confidence that Alastair will uphold LR’s values and build on Richard’s achievements to ensure the continued success of LR.”