My recent cess towards RCR (mostly based on being caught there ) has highlighted my appreciation for NRW Management.
This is compounded on realising Andrew Walsh, NRW Holding’s brilliant CFO, who was employed in November 2013 to bring to NRW the wealth of his “experience in financial and operational management”, used to work at that blighted and doomed company.
Yes, he did ..
After six years with Clough,Andrew became RCR CFO in early 2010.
It appears in hindsight that RCR ‘arch-villain’ Paul Dalgleish exploited Andrew’s talents to gain RCR a position as a top 300 ASX listed company and then, in 2012 given him a year’s notice so so he could employ Andrew Phipps, a mate from UGL in October 2013.
Dalgleish said “Mr Walsh over three years had played an important role in establishing financial reporting and risk disciplines. In that time RCR became a top 300 ASX listed company” https://thewest.com.au/news/wa/rcr-appoints-sydney-based-cfo-ng-ya-360107
Curiously (and I laugh) the full announcement says:
“Mr Walsh greatly assisted in establishing financial reporting and risk disciplines that are now well engrained in the Company.” (see here)
SEEMS TO ME LOSING ANDREW WALSH WAS THE ONE OF THE WORST THINGS THAT COULD HAPPEN TO RCR.
GAINING HIM, ONE OF THE BEST THINGS THAT COULD HAPPEN TO NRW HOLDINGS.
NRW appoints RCR man as CFO
The West Australian
Thursday, 21 November 2013 11:28AM
UPDATE 1.20pm:
NRW Holdings has named former RCR and Clough chief financial officer Andrew Walsh to head up the contractor's finance department.
Mr Walsh will take over from Tony Raschella, who has acted as chief financial officer since the departure of Mark Wallace in August.
NRW managing director Jules Pemberton said the addition of Mr Walsh to the executive team would bring a wealth of experience in financial and operational management, strategy and strengths in mergers and acquisitions across the resources, energy and defence sectors.
NRW shares closed down half a cent at $1.195 in a broadly weaker market. https://thewest.com.au/news/wa/nrw-appoints-rcr-man-as-cfo-ng-ya-361437 For Company Announcement click here
For anyone interested here’s a link to a useful timeline story on RCR: AFR story on Rise and Fall Of RCR ( thanks again @Hotfire)
Basically on September 25, 2009 Dalgleish became CEO at RCR.
On October 25, 2009 - Gerry Ramse appointed as CFO there ( a temporary position move )
On January 20, 2010 Andrew’s appointment was announced here .
“Andrew’s considerable experience in large international companies provides a solid platform for supporting RCR’s growth. The appointment reflects our focus on strengthening our financial management and governance which will deliver bottom line performance,” Mr Dalgleish said.”
RCR was doing great until Dalgleish decided he could go bigger, better and harder with Phipps ( who was last seen abandoning the RCR ship just before administration )
Phipps was brought on board touted as having “a comprehensive understanding of project risk and commercial management, which is extremely rare these days, in particular within the infrastructure, energy and resources sectors," Dr Dalgleish said.
Hmmm.
Here’s some more background on Andrew : https://www.reuters.com/finance/stocks/company-officers/NWH.BE
“Mr. Andrew J. Walsh is Chief Financial Officer of the Company. He has over 25 years of experience in the international financial arena having held senior finance and executive roles in project based companies covering, defence, manufacturing, oil & gas and resources. Mr Walsh holds a Post Graduate Diploma in Management and is a qualified Accountant, with considerable experience in corporate finance, project accounting, strategy, mergers and acquisitions. He was Chief Financial Officer of RCR Ltd (2010 to 2013). He was Chief Financial Officer and a Director of Clough Ltd (2003 – 2009), where he was recognised for his financial stewardship; Prior to moving to Australia in 2003 Andrew worked in a number of senior finance and management roles including Deputy Chief Executive Officer of Alenia Marconi Systems (AMS) and Managing Director of the UK business of AMS, a BAE Systems and Finmeccanica joint venture entity specialising in defence and civil electronics contracting.
(20min delay)
