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Thursday 20 September 2018

Carillion appoints a new chief executive

Andrew Davies will take the hot seat in April.

Carillion takeover speculation
Carillion takeover speculation

By Ravender Sembhy, Press Association City Editor

Troubled infrastructure giant Carillion has appointed a new chief executive to spearhead its turnaround.

Carillion said on Friday that Andrew Davies is to take the hot seat in April after a shock profit warning in July saw former boss Richard Howson step down.

Mr Davies is currently the chief executive of Wates Group, where he has held the role since 2014.

Prior to that, he held a series of senior roles with BAE Systems over a 28-year period and he is also non-executive director at Chemring.

Chairman Philip Green said: “Andrew has the ideal combination of commerciality, operational expertise and relevant sector experience to build on the conclusions of the strategic review and to lead the ongoing transformation of the business.

“His experience and his people-focused personal style are an ideal combination for our business.”

Mr Davies will have his work cut out.

Carillion, which has around 43,000 staff worldwide, has been thrown into crisis since the July trading update, which sent its shares tumbling by more than 70% in one week.

Earlier this year the firm also revealed mammoth half-year losses totalling £1.15 billion, having been dragged down by a series of restructuring charges.

Since Mr Howson’s departure, Keith Cochrane has been interim chief executive and he has overseen a refinancing and the sale of non-performing assets.

Press Association

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