Costain boss Andrew Wyllie to retire
Costain chief executive Andrew Wyllie is to retire after 14 years at the helm to pursue a non-executive career.
He will be replaced as chief executive by Alex Vaughan, currently managing director of the group’s natural resources division, on 7 May but will remain an employee of the company until September.
Wyllie, who joined Costain in 1992, recently took up the presidency of the Institution of Civil Engineers and is a non-executive director of Yorkshire Water Services.
He joined Costain’s board in 2006 and has led the transformation of Costain into a smart infrastructure solutions business.
The news came as Costain posted a 13.5% increase in underlying pre-tax profit, which rose to £49.7m in the year to 31 December 2018.
Revenue at the firm fell to £1.49bn, down from £1.73bn the year before.
The company also reported a record order book of £4.2bn, with over 90% repeat business.
Commenting on Wyllie’s retirement, chair Dr Paul Goldby said: “I would like to thank Andrew for everything that he has done for the business and to wish him and his family well for the future. Andrew can feel extremely proud of what he has achieved at Costain. He leaves the group in good health, the result of the growth strategy which he and his colleagues have been implementing for the last fourteen years. We are delighted that Alex will be taking over. He has played a major role in the development of the group and the implementation of its strategy, and has the expertise and ambition to deliver the future growth of the business.”
Wyllie said: “I have thoroughly enjoyed the past fourteen years and would like to thank my colleagues for their support and commitment. Costain is a great business with a great future ahead of it.”
And Alex Vaughan added: “I am delighted to have been appointed CEO and very much look forward to leading the business and continuing our strategy as we enter a new era of opportunity for Costain.”