News: Downer EDI appoints new CEO

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Downer EDI Ltd (ASX:DOW) has appointed Grant Fenn as Managing Director and Chief Executive Officer, following the resignation of Geoff Knox on Friday.

Mr Fenn joined Downer as CFO in 2009 and was appointed to the board as finance director last month.

Prior to joining Downer, Mr Fenn was a member of the Qantas (ASX:QAN) executive committee for over 10 years.

Mr Fenn says the company currently has over $17 billion work on hand with more than 75% of work contracted for the following year.

Downer EDI has confirmed 2010 net profit after tax to be approximately $194 million, in line with consensus, excluding the $260 million pre-tax Waratah train provision and asset impairment charge.

Kevin Fletcher, Downer's deputy CFO has been appointed acting CFO.

Last week Downer EDI announced that its Mining Division has signed contracts of around $2 billion with the BHP Billiton Mitsubishi Alliance.

Downer EDI reported a profit of $189.38 for the year ending 30 June 2009.