Specialist resources services provider Babylon Pump & Power Limited (ASX: BPP) has appointed James Cullen to its Board as an independent Non‐Executive Chairman.
Mr Cullen is a highly experienced executive who has served as CEO of three successful ASX listed mining service companies over the past 27 years. He is currently the Chief Executive Officer of Pacific Energy Ltd, a large Australian power station and renewable energy developer, owner and operator. Mr Cullen is also a Board member of Guide Dogs WA and Ear Science Institute Australia.
Prior to joining Pacific Energy in 2015, Mr Cullen served as Chief Executive Officer of Resource Equipment Ltd (2008‐2014) and PCH Group (1995‐2007). All three companies commenced as ASX‐listed micro‐cap mining service companies before growing significantly and ultimately being acquired under takeover offers.
In addition to his board‐level experience, Mr Cullen is a qualified Chartered Accountant with a strong financial and governance background and formal qualifications.
Following Mr Cullen commencing as Non‐Executive Chairman, current Executive Chairman, Michael Shelby, will transition to Managing Director of the company.
The Board is delighted to welcome Jamie as Chairman of Babylon. He brings valuable industry experience and deep strategic insights which are directly relevant to the continued development of Babylon Pump and Power,” Mr Shelby said.
“Jamie has a strong track record of building significant shareholder value. I look forward to working with him and the Board in a more focussed Managing Director role.”
Mr Shelby said these moves will serve the company as it refocuses on its higher margin rental offerings.
Babylon will increase its specialty rental asset base and re‐evaluate its strategy in diesel maintenance activities to increase operating margins.
“I am delighted to join Babylon as its Chairman to help steer the Company on a growth path with a sharp focus on high margin, value adding services, including the resource sector water space,” , Mr Cullen said.
“There is scope to broaden Babylon’s specialist service offering and already we are in advanced stages of negotiations on two acquisition opportunities, with a third to potentially follow.”