+++++++++++++++++++++++++ Clough Limited (ASX: CLO) is pleased to announce the appointment of Mr David Singleton as the new CEO and Managing Director of the company. Mr Singleton, aged 43 and a UK citizen, is a mechanical engineer by training. He comes with 20 years of international business experience in senior executive roles, primarily in Europe and the USA. His core strengths being in the areas of leadership, strategy, finance and mergers & acquisitions (M&A).
Prior to accepting the position with Clough, David was the Group Head of Strategy and M&A of BAE Systems (formerly British Aerospace), based in London. He returned to BAE earlier in 2003 after three years as CEO of AMS NV, an Anglo/Italian (BAE-Finmeccanica) joint venture entity specialising in defence and civil electronics contracting which had revenues in excess of 1.4 billion Euros (A$2.5 billion) and approximately 7,500 employees. The AMS NV posting was a turn-around assignment. During his period as CEO the company returned to profitability, recorded organic growth of 40%, PBIT of 6% and is positioned to achieve 25% organic growth in the next three years. Significant acquisitions were also undertaken in USA, Germany and UK during this period.
"We were very pleased with the calibre of applicants from around the world that were unearthed during this exhaustive process to secure a new CEO to lead the Clough group," Mr Ross Kelly, Chairman of Clough Limited said today. "We had a number of outstanding candidates but the Board believed that David has the right skills to take the company forward into the future."
Mr Kelly said that Mr Singleton will be resident in Perth, Western Australia within weeks, once he has closed out his affairs at BAE. His family will follow soon after.
The key elements of Mr Singleton's salary package consist of (a) a base annual component; (b) subject to the achievement of agreed objectives, short-term incentives linked to the base component; (c) long term incentives being 5 year options; and (d) reimbursement of relocation expenses.
Clough is one of Australia's largest multi-disciplinary engineering and construction groups. Clough operates globally in a diversity of industry sectors such as onshore and offshore oil and gas, petrochemicals, minerals, infrastructure and manufacturing.
Current CEO Dr Brian Hewitt will cease employment with Clough in early July after 25 years of continuous service with the group. Mr Kelly extended the appreciation of the Board to Dr Hewitt for his contribution to the Clough group's growth during this period.
Further information: Ross Kelly Chairman, Clough Limited Tel: (08) 9281 9281
Peter Collins Group Manager - Corporate Affairs, Clough Limited Tel: (08) 9281 9316, 0412 002 625 E-mail: [email protected]
Website: www.clough.com.au
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