UK Contractor Carillion Names New CEO To Reverse 2017 Slide

摘要

U.K. based construction company Carillion plc. has named Andrew Davies as . CEO following the July resignation of former chief Richard Howson in the wake of poor financial results. Set to join next April, Davies now is CEO of privately-owned U.K. contractor Wates Group Ltd; he also was a defense-industry executive. Keith Cochrane continues as interim CEO. He replaced How-son after the company reported losses on contracts in the U.K., Canada and the Middle East. In the first half of 2017, Carillion reported flat sales of $3.3 billion and a 40% drop in underlying profit. The firm has plans to sell nearly $400 million of non-core assets by the end of next year. Carillion's situation marks a dramatic reversal from three years ago, when it offered to merge with then-ailing contractor Balfour Beatty. That firm rebuffed the offer and has since substantially repaired its business under new CEO Leo Quinn.