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Bumi Armada CEO Hassan Basma. Image courtesy of Bumi Armada.

Bumi Armada CEO Hassan Basma resigned from his post Friday, citing “family reasons.”

The board granted Basma an early release from his contract.

Basma will step down on January 1, 2015 but will stay on with the company as a consultant.

The services company has taken the first steps towards searching for a new CEO.

Chan Chee Bang, a member of Bumi’s board since 2003, will serve as executive director and acting CEO after Basma steps down.

“Mr. 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,” Bumi said.

The company has also initiated 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,” Malaysia-based Bumi said.