Economy

Carillion finance chief set to quit troubled company

Carillion finance chief set to quit troubled company”

Its chief executive Richard Howson was ousted in July as Carillion revealed an £845m hit following a review of badly-performing contracts.

Non-executive director Keith Cochrane, an accountant and former chief executive of Weir Group, stepped in as interim CEO.

He was due to leave next year but will now depart at the end of the month when Carillion unveils its delayed half-year results.

The finance chief of Carillion is set to quit the troubled support services company, with an announcement expected as early as today.

To conserve cash, the company has said it would suspend dividends for 2017 - saving it 80 million pounds - and would exit its United Kingdom partnership contracts as well as construction work in Qatar, Saudi Arabia and Egypt.

The run on its shares has caused market capitalisation to crash from nearly £1bn to less than £250m, seeing Carillion drop out of the FTSE 100 to be ranked on the FTSE Small Cap index.

Also going at the end of the month are chief operating officer Richard Howson, Carillion Construction Services managing director Adam Green and Carillion Services managing director Nigel Taylor.

Emma Mercer will become its chief financial officer with immediate effect.

In other changes, Carillion has appointed Lee Watson as its chief transformation officer, on secondment from Ernst & Young. She joined the group in 2008 as CFO and senior vice president of Carillion Canada.

Chief operating officer Richard Howson will also be relieved of his duties and will be replaced at the start of next month by Andy Jones, now president and chief executive of Carillion Canada.



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