The president and CEO of Japanese floating production specialist Modec is stepping down due to ill health.
Yuji Kozai, whose resignation comes shortly after a series of other changes to the firm’s executive team, will be replaced by current chief compliance officer Takeshi Kanamori.
The 64-year-old has had a long career with Japanese trading giant Mitsui, joining in 1980 through to 2018.
Mr Kanamori has been CCO of Modec, which has supplied vessels such as the Ailsa FSO in the North Sea, for three years.
Modec said the change will “drive growth and increase corporate value under new leadership amidst changes in the business environment”.
The changes are effective as of April 5.