Cape CEO May quits

Shares in oil & gas services player Cape have taken an early plunge on Thursday after the chief executive made a hasty departure.

Martin May has also resigned as a director of the London-listed outfit with immediate effect in order “to pursue a new challenge”, Cape said.

The fact that May has left immediately suggests he is eyeing another role elsewhere in the same industry.

Non-executive director Brendan Connolly has been put in as acting chief executive.

Shares in Cape sank over 7% before the opening of trading in London on Thursday morning.

May has been with Cape for 10 years having been appointed interim chief executive in June 2002. A year later he became executive chairman, a role he relinquished three years later when he became chief executive.

Cape recently revealed a slight drop in full-year net profit despite a sizeable hike in revenues.

User

Become an Upstream member!

Membership includes a subscription to our weekly newspaper providing in-depth news from the energy industry, plus full-access to this site and its archives. Still not convinced? Try our free trial.

Already a member?

Login