Petrofac has announced that Maroun Semaan has decided to retire from the board at the end of this year, having been a founder of the company along with Ayman Asfari in 1991. There is no doubt that Maroun has been a key driving force behind the outstanding success that Petrofac has become acknowledged by Ayman Asfari in his statement today. The news should not come as a shock to the market place and although he has been a driving force behind the company they have been carefully structuring succession plans and his retirement should have no effect in the market. The only point that the market might be concerned about is his shareholding of 8.18% in the company but in his statement Maroun says that he intends 'to remain a long term shareholder' which might mean a part placing but nothing the market can't handle.