23rd Nov 2007 07:01
Costain Group PLC23 November 2007 COSTAIN GROUP PLC("Costain" or "the Group") Appointment of new Chairman The Board of Costain announces that David Allvey 62 is to become Chairman of theGroup with effect from 1 January 2008, when David Jefferies 73 will retire fromthe Board. Mr Jefferies, who joined the Board as Chairman on 6 June 2001, has decided toretire having overseen a significant period in the Group's developmentculminating in the appointment of a new management team to take the businessforward, a recent successful fund raising and the announcement of the intentionto return to the dividend list. Mr Allvey, recently appointed a deputy Chairman of the Group, joined the Boardon 1 November 2001 and is currently Chairman of the Audit Committee. He is alsoChairman of Arena Coventry Ltd as well as a non-executive Director of IntertekPlc, Resolution Plc, Thomas Cook Group Plc and William Hill Plc. The Board also expects to announce in due course the appointment of a newnon-executive Director who will succeed Mr Allvey as Chairman of the AuditCommittee. David Jefferies commented: "The time is right to hand over the reins. Costain has a new management team inplace, a focussed strategy delivering results and a much strengthened balancesheet available to facilitate future growth opportunities. I am proud to haveplayed a part in Costain's development and I wish everyone at the Company wellfor the future." David Allvey commented: "David has played a key part in establishing a platform for the next phase ofthe Group's growth. On behalf of everyone at Costain, I would like to paytribute to David and to thank him for all his hard work and unstinting effort inensuring a bright outlook for Costain. We wish David, and his wife, Jean, allthe very best for the future. I look forward to leading the Group into the nextphase of its development." 23 November 2007 ENQUIRIES: Costain Group PLC Tel: 01628 842 444Graham Read, Public Relations College Hill Tel: 020 7457 2020Mark GarrawayMatthew Gregorowski This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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