Ascendant Group Ltd has announced the retirement of company president and chief executive officer Vincent Ingham next year after more than 25 years at the group.It is the second high profile retirement announced yesterday following that of KeyTech’s Sheila Lines, who will retire at the end of July 2012.The board of directors of the Ascendant Group said that Mr Ingham will step down on March 31, 2012 having served as president and CEO of the Ascendant Group and its principal subsidiary Belco for the last four years.Chairman of Ascendant Group, Michael Collier, said: “Vince is largely responsible for the strategic initiatives that the group is currently focused on to grow existing energy-related businesses and investment in utility and infrastructure companies in Bermuda, as well as expand the earning base of the Ascendant Group of Companies.”Mr Ingham said: “I am proud of the direction in which the Ascendant Group is headed. I certainly look forward to the next chapter in my professional life supporting the implementation of key strategies for the Group, and the continuing development of young Bermudians within the organisation.”Mr Collier said that the board would conduct a search for a new CEO and has been working with external consultants for a number of months on an orderly succession process and leadership development plans for the Group’s executive and management teams in anticipation of Mr Ingham’s retirement. The board will be considering both internal and external candidates for the position.During the period of leadership transition, Mr Ingham will continue to serve in his role of president and CEO, as well as director and member of the board’s executive committee, focusing on the Group’s succession plans, strategy and business development.