26th Sep 2013 10:02
LONDON (Alliance News) - Severfield-Rowen PLC Thursday said Ian Lawson has been appointed as its new chief executive from November 1, ending an eight month search for a new chief who will be able to turn the business around.
The structural steel engineer had said it would change its management back in January after it issued a profit warning due to deteriorating trading conditions and cost overruns on a building contract. Former Chief Executive Tom Haughey stood down straight away.
Severfield-Rowen said 56-year old Lawson brings a wealth of construction sector knowledge and experience to the group, having been a director of Kier Group PLC. In a 13-year career at Kier, he was most recently responsibile for its services and property divisions and initiated and managed a significant restructuring programme within the divisions and completed several important acquisitions for the company, it said.
Severfield-Rowen said John Dodds, currently executive chairman, will resume the role of non-executive chairman following Lawson's appointment, as it had previously pledged. Doods has effectively been running the company while it searached for a new CEO.
It has already started a restructuring and review of its contracts.
Severfield-Rowen shares last traded at 16.5 pence.
By Steve McGrath; [email protected]; @SteveMcGrath1
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