Industrial service group Cape named a new chief executive yesterday, filling a post that has been vacant since March.
The move comes less than a week after an unexpected profits warning from the company led to nearly 37% being wiped off the value of its shares.
Cape, which has offices in Aberdeen and employs around 1,200 people in the North Sea, said Joe Oatley would take over as CEO at the end of June. The former chief executive of engineering company Hamworthy will replace Martin May, who stepped down unexpectedly earlier this year after six years at the helm.
Mr Oatley joined Hamworthy, another provider of equipment and services to the marine, oil and gas, and industrial sectors, as CEO in 2007.
He led the company through the financial crisis until it was eventually bought by Finnish ship and power plant enginemaker Wartsila.
Cape’s shares rose 3.25% to 239.15p.