PETALING JAYA: Hassan Assad Basma will step down as CEO of Bumi Armada effective Jan 1, 2015, citing family reasons. The company said in a statement last Friday that it has agreed to Hassan's request for an early release of his contract of employment. He has steered Bumi Armada for nine years. Chan Chee Beng, a member of the board since 2003, has been re-designated as executive director and acting CEO of Bumi Armada, with effect from Jan 1, 2015. Earlier in the day before news of his resignation broke out, Hassan sold the remainder of his stake in the company totalling 0.05% in the open market. He disposed one million Bumi Armada shares at RM1.02 and another block of 1.74 million shares at RM1.03 on Dec 4. "The disposals were undertaken due to margin calls on loan facilities taken by Hassan to purchase the said shares," said the announcement on Bursa Malaysia. Meanwhile Chan, has been a member of the executive committee of Bumi Armada since 2008, acting as its chairman from 2013. In a statement Bumi Armada said that Chan will work closely with, and provide leadership to the management team, to ensure continuity of relationships with the company's key clients and other stakeholders, and delivery of existing projects. "The company has also undertaken a review of its existing projects to ensure long term sustainability. Notwithstanding short term fluctuations in the industry, the board remains confident of the long term fundamentals of the company, supported by its firm orderbook of RM21.8 billion. In particular, the company continues to believe in its core floating production, storage and offloading (FPSO) business, which is anchored by long term contracts," it said.