Cape CEO quits

Cape, a provider of non-mechanical support services to the energy and mineral resources sectors, has announced that Martin May is standing down as Chief Executive and as a director of the company with immediate effect to 'pursue a new challenge'.

He is being replaced with non-executive director Brendan Connolly, who will take on the role as acting CEO until a permanent replacement has been found.

Turnaround specialist May was with the company for 10 years. "He has been at the forefront of Cape's growth and value delivery and played a key role in expanding its international activities, work which contributed to Cape returning to the Main Market of the London Stock Exchange in 2011 and its joining the FTSE250 index," said Cape's Chairman, Tim Eggar.

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Interim boss Connolly is an energy sector veteran with extensive experience as a senior manager and Chief Executive Officer, Eggar said.

The stock's share price took a sharp dive back in in November on the back of a trading update, but in recent months the stock has regained much of these losses.

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