GR Engineering Services Limited (ASX:GNG) (GR Engineering or Company) wishes to announce that effective 31 December 2014, Mr Joe Ricciardo, who currently presides over the Company’s Board as Executive Chairman, will transition to Non-Executive Chairman.
Mr Ricciardo was appointed Executive Chairman on 26 June 2013 after serving as the Company’s Managing Director for approximately 7 years. Mr Ricciardo was succeeded as Managing Director by Mr Geoff Jones.
Commenting on the change of role to Non-Executive Chairman, Mr Ricciardo said:
“I have enjoyed working closely with Geoff and assisting him with the handover of managerial control of GR Engineering. Since his appointment, Geoff has vindicated the Board’s decision to appoint him as Managing Director by delivering operational and financial outcomes which have outperformed the sector generally. Together with my Board, I am satisfied that this transitional process is now complete and it is therefore appropriate that I adopt a less hands on involvement in the day to day activities of GR Engineering. I remain committed to making a contribution to the governance of GR Engineering as Chairman and to maintaining my valued relationships with staff, clients and suppliers. I wish to express my gratitude to my fellow Board members for their support and guidance to date and I look forward to continuing to work with them in striving for superior shareholder returns.”