Sietze Hepkema, chief governance and compliance officer for SBM Offshore, has decided to retire from the position, the company said in a news release.

He will continue to serve in his current role until the annual general meeting of shareholders on April 15, 2015, at which time it will be proposed that he join the company's supervisory board. At that time, it will also be proposed that Erik Lagendijk succeed him, the release said.

Lagendijk will join SBM Offshore on Jan. 2, 2015, following a 25-year career in the financial services industry. His leadership experience includes 14 years as general counsel of AEGON N.V., a Dutch-listed international insurance company, where he was most recently responsible for building a mature regulatory and compliance function. He will be responsible for overseeing the legal, compliance and risk functions.

Hepkema's anticipated retirement has been part of the management board succession planning process for the last several months, the release said. The supervisory board is of the view that the CGCO function at management board level has created significant value for the company, and has decided to maintain it.

Under his guidance, the company has enhanced its governance and compliance functions while also closing a number of legacy issues, SBM said. Until his retirement, Hepkema will continue to oversee the final issues remaining from the company's compliance investigation in Brazil.