Neptune Marine Services Limited (ASX: NMS - Neptune or the Company) is pleased to announce that Mr Peter Wallace has been appointed as a Non-Executive Director to the Board of Directors, effective immediately.
Mr Wallace has extensive management experience in the banking and financial services industry as well as public and private company directorships.
Neptune's Chairman, Ross Kennan was very pleased to welcome Peter Wallace to the Board of Directors.
"Peter brings more than 35 years financial services, commercial and public company experience to the Neptune Board and we look forward to drawing upon his considerable expertise as we continue to navigate this Company towards a profitable future," said Mr Kennan.
"He joins Neptune at an exciting time as we continue to work through our operational restructure that has already delivered $65 million in new equity and $9.5 million in annual cost savings. We are also continuing with our non-core asset sales which are a key element in repositioning this Company to return to profitability."
Mr Wallace has held executive management positions with Bell Potter Securities Ltd, Westpac Banking Corporation, Challenge Bank Ltd and National Australia Bank Ltd over the past 20 years. He also has considerable public company experience having held directorships previously with Tethyan Copper Ltd and Decmil Engineering Ltd.