MONTREAL, June 11, 2019 /CNW Telbec/ - SNC-Lavalin (TSX: SNC) is pleased to announce, effective June 11, 2019, that Ian L. Edwards will become Interim President and CEO. He will join the Board of Directors, succeeding Neil Bruce. Mr. Bruce is retiring as President and CEO, and from the Board, to return to his family in the UK. He will remain as an advisor to the Board until the end of the year.
As Chief Operating Officer (COO) since January 2019, Ian L. Edwards has taken the lead in executing the initiative to simplify, focus, and grow the business. He has already implemented numerous measures to improve the operational performance of the company, ensuring that the efficiency and project oversight measures announced at the Q1 results are being rapidly and successfully executed.
The Board of Directors has asked Mr. Edwards to undertake a review of the strategic direction of the Company on an expedited basis and to develop a plan for sustainable success, that de-risks and simplifies our business model and generates consistent earnings and cash flow. In doing so, he will also use the next 60 days to meet with key stakeholders to get their perspectives and strengthen relationships.
"The Board appreciates Ian taking on this role at this important time for SNC-Lavalin," said The Honourable Kevin Lynch, Chairman of the Board of Directors. "His track record since joining SNC-Lavalin has been impressive. We have great confidence that he will drive a new strategic focus and look forward to seeing early results, delivering solid positive cash flow, greater consistency in earnings, and competitive shareholder value."
"We very much benefited from Neil's leadership over the past four years. His commitment to the Company, developing a world-class ethics and compliance regime, his leading role in the signature acquisition of Atkins, renewing the management team and delivering high levels of backlog have all been very important to SNC-Lavalin. We wish him well and the best in his retirement," said Mr. Lynch.
Mr. Edwards has over 30 years of global experience in delivering complex infrastructure and resources projects across North America, Europe, the Middle East, and Asia Pacific. He joined SNC-Lavalin in 2014 after six years in senior roles with the Leighton Group where as Managing Director, Leighton Asia, India and Offshore, he led a diverse business of 20,000 employees spanning infrastructure, project management and resources in 14 countries. Mr. Edwards holds Higher and Ordinary Certificates in Civil Engineering from Lancashire University in the United Kingdom. He is also an incorporated Member of the Chartered Institute, the Institute of Building and a Fellow of the Institution of Civil Engineers, as well as the Hong Kong Institution of Engineers.
"I am looking forward to developing a new strategy that will bring sustainable growth with consistent earnings, cash flow generation and will create long-term shareholder value," said Ian L. Edwards. "SNC-Lavalin has over 100 years of engineering excellence, we should be proud of our achievements in designing and engineering the world around us."
Neil Bruce commented: "In the past five years we have achieved much at SNC-Lavalin and I am leaving behind a business that is larger, more diverse, more international than the one I joined, as well as one that has a deeply embedded world-class approach to ethics. I am delighted that Ian has agreed to take the Company forward. His in-depth knowledge of the business, industry expertise and leadership skills will bode well for the future. I would like to thank all the employees for being such a great team, the top in the industry and I wish them all the very best."
Founded in 1911, SNC-Lavalin is a global fully integrated professional services and project management company and a major player in the ownership of infrastructure. From offices around the world, SNC-Lavalin's employees think beyond engineering. Our teams provide comprehensive end-to-end project solutions – including capital investment, consulting, design, engineering, construction management, sustaining capital and operations and maintenance – to clients across the EDPM (engineering, design and project management), Infrastructure, Nuclear, Clean Power, and Resources businesses. www.snclavalin.com
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