ICR Integrity chief executive Willie Rennie is stepping down from his position to pursue “other interests”.
Mr Rennie had returned to the CEO role in 2019 to plug the gap left by Bill Bayliss, who moved down south to become boss at Optilan, a Coventry-based communications and security technology firm.
Mr Rennie will continue to support ICR, of Aberdeen, in a consultancy role until the end of 2021.
ICR will be led by Alan McQuade, who has been named group managing director.
Mr McQuade joined the company in 2018 as chief financial officer and has played a pivotal role in developing the strategy of ICR, which provides maintenance and integrity services to the oil and gas, power, defence, nuclear and renewables industries.
Mr Rennie said: “Although stepping away from my role at ICR, I remain completely invested in the business and team who I have worked with over many years.
“It has been a privilege to sit alongside the ICR Management and staff and I am confident Alan will use the solid foundation to further expand and grow the business both in the UK and internationally.”
Mr McQuade said: “I’m delighted to be moving into the role of group managing director, especially poignant as we celebrate 10 years in business as ICR.
“We are very grateful for everything Willie has achieved in driving the business’s strong capability in difficult market conditions whilst positioning it for future growth.
“We are really excited for the opportunities ahead with further international partnerships now established increasing our local presence, securing long term hire contracts for our rental businesses, increasing the service capabilities to meet growing demand in onshore and renewables markets and launching our full lifecycle OMNI asset integrity software.”
The firm is an employer of about 200 people, with bases in Abu Dhabi, Houston, Stavanger, Perth WA, the Granite City and Lancashire.
ICR was formed in July 2011, when venture capital firm Gresham Private Equity and HSBC backed a secondary buyout of Bridge of Don-based WTR from Maven Capital in a deal reported to be worth £15 million.
Gresham later sold a majority stake to mid-market, private-equity firm Graphite Capital in a transaction thought to be worth up to £60m, including debt.
ICR grew its revenues 5% to £33.3 in the year ending May 31 2020, while pre-tax losses narrowed to £5.5m from £12.8m.