Leighton Holdings (ASX: LEI) has promoted its CFO, Peter Gregg, to deputy CEO as part of a management reshuffle aimed at shifting the gears from stabilisation to business growth.
The international contracting company’s CEO, Hamish Tyrwhitt, said the decision was part of changed reporting lines for the Australian-based contracting subsidiaries and will help speed up plans to transform the business.
In his new role, Gregg will focus on rebasing the local contracting businesses, as well as growth in offshore markets through the Leighton Asia, India and Offshore business. Gregg will also continue to retain the posts of CFO and executive director. He joined Leighton Holdings as a non-executive director from 2006 to 2009 and was appointed CFO in October 2009.
“Peter plays an integral role as chief financial officer in our business transformation program,” Tyrwhitt said. “In appointing Peter as deputy CEO I aim to ensure that the pace of progress accelerates as we rebase the business for sustainable growth in 2014 and beyond.”
The MDs of Leighton Holdings’ Australian-based contracting Operating Companies, Bruce Munro of Thiess, Craig Laslett of Leighton Contractors and Glenn Palin of John Holland, will report directly to Gregg.
Leighton Holdings chairman, Bob Humphries, said the appointment illustrated how closely Gregg and Tyrwhitt will work together, as well as the board’s confidence in the CFO’s abilities.
“Having largely completed the stabilisation phase of our strategy, we now turn our focus to business transformation, seeking to improve net margins, enhance the management of capital and further strengthen the balance sheet,” Gregg said following his promotion.
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