The board of Lloyd’s Register Group (LR) said that after a 14-year career with LR and over five years as Group CEO, Alastair Marsh has decided on Aug. 24 to step down from his role and retire from the Lloyd’s Register Group Board on December 31, 2020, with a view to taking on some non-executive and advisory roles.

After a comprehensive selection process reflecting LR’s long-term succession planning, the board is also has named Nick Brown, currently LR’s director of Marine & Offshore, will succeed Marsh as Group CEO and join the LR Group Board on January 1, 2021. Brown will continue in his current role until this date.

“The Board is delighted to appoint Nick as Group CEO at this natural inflexion point in our business cycle and strategic roadmap. As the company writes its next chapter, this is a logical time for change and Nick has all the right qualities to lead us to further success,” LR Chairman Thune Andersen said.

A successor to Brown will be announced in due course.