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Management change

Kier COO leaves as Davies pushes ahead with reforms

Kier

Kier has secured £1 billion of new contracts

Construction firm Kier Group has axed the role of chief operating officer which sees Claudio Veritiero leave the business with immediate effect.

The responsibilities of the job will be assumed by chief executive Andrew Davies and the chief financial officer.

Adam Walker, who joined the Board on 1 January 2016, has informed the board of his intention to step down from 31 December. 

The company says its search for a new chairman is ongoing.

Speaking ahead of the AGM, Mr Davies, Chief Executive, said: “We continue to build the foundations for the future of the group through the execution of our strategic priorities.

“Our core businesses are performing in line with our expectations and we continue to win work from a number of our major clients, whilst significantly reducing the Group’s overheads and costs.”

Kier has been awarded about £1 billion of new contracts and been appointed to a number of frameworks, including the £30bn Construction Works and Associated Services framework for the Crown Commercial Service.

The company said it continues to focus on operational cash generation, with working capital and net debt both in line with the Board’s expectations.

It remains on course to cut 1,200 jobs by 30 June 2020 and achieve annual cost savings of at least £55m in the financial year ending 30 June 2021.

Kier recently agreed terms to outsource its IT and fleet management activities and is taking additional steps to reduce its costs, including departure from its offices at Tempsford Hall, Bedfordshire, and Foley Street, London and making a number of changes to the structure of its senior management.

It is selling Kier Living, its housebuilding division, and exploring options to accelerate the release of capital from its property business.



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