22nd Jun 2015 08:26
LONDON (Alliance News) - Temporary power company Aggreko PLC on Monday said it will shift to a new organisational structure, operating as two business units rather than having a geographic divide, following a review of the business carried out by Chief Executive Chris Weston.
Aggreko, which was relegated from the FTSE 100 to the FTSE 250 on Monday, said that "in order to better address our markets and improve operational efficiency" it will move to two business units, Aggreko Rental Solutions and Aggreko Power Solutions.
Aggreko Rental Solutions will incorporate its local businesses in developed markets, while Aggreko Power Solutions will include is power projects business and its local businesses in developing markets.
The Rental Solutions arm will be run by Asterios Satrazemis, currently Aggreko's regional director for the Americas, while Weston will run the Power Solutions business on an interim basis under a permanent head is identified.
Debajit Das, currently regional director for Asia Pacific, and David Taylor-Smith, currently regional director for Europe, the Middle East and Africa, will remain with Aggreko for a period of time in order to assist with the transition and will step down from the board in due course.
The changes will come into effect from August 1.
"In recent months we have been conducting a review into our business priorities, and I look forward to sharing the output of this review on August 6th. As part of this process, we have taken the decision to reorganise the business to be as efficient and as effective as we can be for our customers and our markets," said Weston.
Aggreko shares were up 1.2% to 1,483.00 pence on Monday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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