Carillion finance chief leaves amid management shake-up
Carillion has confirmed the departure of its finance director as it announces a string of changes to its management team.
The struggling UK construction and support services firm is shaking up its management team after saying in July that it had launched a strategic review to turnaround the business.
Finance director Zafar Khan has left with immediate effect and the company has appointed Emma Mercer, the finance director for the UK construction business, as chief financial officer of the group.
Mercer was previously chief financial officer and senior vice president of Carillion Canada.
Richard Howson, who stepped down as chief executive in July and was later appointed chief operating officer, will also leave the company. Andy Jones, currently president and chief executive of Carillion Canada, will begin as the new chief operating officer on 1 October.
Carillion had previously said Howson would stay on for up to a year.
Keith Cochrane was appointed as Carillion’s new chief executive after Howson stood down.
Adding to the list of resignations at the top are: managing director of the construction services arm, Adam Green; managing director of Carillion Services, Nigel Taylor; and group strategy director, Shaun Carter. They will leave on 30 September.
The group has also appointed Lee Watson as chief transformation officer, from accounting firm EY, which has been brought in to support its strategic review to avoid collapse.
The changes at the top come in the wake of July’s shock announcement of the departure of its chief executive, the suspension of its dividend and a warning that full-year revenue would be lower than expected. Carillion has lost almost £800m from its market capitalisation in recent weeks.
Carillion is due to reveal details of its strategic review on 29 September as part of its delayed half-year results. The firm has also hired HSBC to help with the review.
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