Kier Group plc has announced that its Chief Executive, Haydn Mursell, will stand down from the board of directors and leave the business with immediate effect.
The Board has asked the Chairman, Philip Cox, to act as Executive Chairman, working closely with Finance Director Bev Dew and the Chief Operating Officer Claudio Veritiero, to oversee the Group's operations during the transition period until a new Chief Executive has been appointed. The executive search for an external successor to Mr. Mursell commences immediately.
Philip Cox said:
"The Board believes that, following the completion of the recent rights issue, now is the right time for a new leader to take Kier forward to the next stage of its development. The Board would like to thank Haydn for his contribution during eight years on the Board, firstly as Finance Director and then as Chief Executive. On behalf of the Board, I would like to wish him every success in the future."
The announcement is published alongside Kier’s latest trading update covering the period since its previous trading update of 16 November 2018.
The update says the Group's balance sheet at 31 December 2018 has been strengthened following the receipt of the £250m net cash proceeds of the recent rights issue and the Group remains on track to report a net cash position at the year-end (30 June 2019).
As at 31 December 2018, the Group's net debt was c.£130m (31 December 2017: £239m), reflecting the rights issue proceeds and the acceleration of supply chain payments, as expected. The average month-end net debt for the six months ended 31 December 2018 was c.£370m, as compared with £410m for the six months ended 30 June 2018.
The Group will announce its results for the six months ended 31 December 2018 on 21 March 2019. The update says the Board is confident that Kier will meet its expectations for the financial year ending 30 June 2019, with the full-year results being weighted towards the second half of the financial year.
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