re: mr david singleton - new ceo Appoints New CEOCLOUGH LIMITED...

re: mr david singleton - new ceo Appoints New CEO

CLOUGH LIMITED 2003-06-30 ASX-SIGNAL-G

HOMEX - Perth

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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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