Sheila Manderson is stepping down as chief executive officer of KeyTech Limited effective July 31.

Bermudian Sheila Lines, who joined KeyTech four years ago as chief financial officer, will become the new CEO.

Mrs. Manderson is leaving KeyTech after more than four years with the company.

"Mrs. Manderson joined KeyTech in January 2002 as its first employee and during her tenure has developed a solid management team with whom she has worked to build the company that we have today," board chairman Dr. James King said. "She has set high standards for business integrity and work performance and we are indebted to her for her diligence and commitment to the success of this company. The entire board joins me in extending our thanks and very best wishes to Sheila on her retirement."

"I have thoroughly enjoyed my tenure with KeyTech Limited," Mrs. Manderson said. "Leading an organisation involved in one of the most dynamic and competitive industries and been a challenging, exciting and rewardinb experience."

Mrs. Lines has a law degree from the University of London. Her appointment is effective on August 1.

"I can think of no one who is better suited and prepared to take the company to the next level. The transition should be a seamless one," Mrs. Manderson said.

KeyTech also announced net earnings of $11.7 million for the year ending March 31, an increase of 16 percent from last year.