Built to inform

Sign up for the daily newsletters

No, Thank you

Top-tier shuffle at UK contractor Kier Group as CEO resigns

Chairman Philip Cox takes over as executive chairman to with COO and finance director until replacement is found

UK-based contractor Keir Group has announced the departure of its chief executive officer Haydn Mursell [image: London].
Getty Images
UK-based contractor Keir Group has announced the departure of its chief executive officer Haydn Mursell [image: London].

Confident it will meet its financial expectations for FY2019, UK-based contractor Keir Group has announced the departure of its chief executive officer Haydn Mursell with immediate effect.

Kier said the board has asked chairman Philip Cox to act as executive chairman, working closely with finance director, Bev Dew, and Claudio Veritiero, chief operating officer, to oversee operations until a replacement for Mursell has been found.

The UK contractor said the search for a successor to Mursell, who led the construction group since 2014, has already begun.

READ: GCC contractors must learn from Carillion's mistakes

"The board believes that, following the completion of the recent rights issue, now is the right time for a new leader to take Kier forward to the next stage of its development,” Cox said.

November 2018 saw the construction and support service firm launch a $344.4m emergency rescue rights issue, warning that some lenders at the time were slashing their UK building sector exposure, particularly after the historic collapse of local giant Carillion.

The senior board change came as the firm released its latest trading update, expressing confidence that the firm would meet its FY2019 expectations with the “full-year results weighted towards the second half of the financial year, as usual”.

Kier said the costs of implementing its Future Proofing programme – designed to stabilise the firm’s finances – in H1 FY2019 have exceeded savings by $13m.

READ: Former bosses 'grilled' about Carillion collapse by UK gov't agency

The company said its balance sheet as of 31 December, 2018 was strengthened following the receipt of the $325.6m net cash proceeds of the recent rights issue, adding that the group remains on track to report a net cash position on 30 June, 2019, marking the end of its financial year.

Most popular

Awards

Deadline approaches for CW Oman Awards 2020 in Muscat
You have until 20 January to submit your nominations for the ninth edition of the

Conferences

CW In Focus | Inside the Leaders in KSA Awards 2019 in Riyadh
Meet the winners in all 10 categories and learn more about Vision 2030 in this
CW In Focus | Leaders in Construction Summit UAE 2019
A roundup of Construction Week's annual summit that was held in Dubai this September

Latest Issue

Construction Week - Issue 761
Mar 21, 2020