Home news Carillion finance chief out as shake-up ordered

Carillion finance chief out as shake-up ordered


Carillion has confirmed its finance chief is departing after just nine months in the role, with the troubled construction group also announcing that it has hired a transformation specialist.

The company, which is set to be relegated from the FTSE 250 this week following an 83% collapse in its market value over the past year, said Zafar Khan had left the company with immediate effect – as reported by Sky News.

He is going to be replaced by the finance director of Carillion’s UK construction business, Emma Mercer, on a permanent basis.
A statement to the London Stock Exchange revealed a series of other departures from senior roles – with Carillion’s chief operating officer Richard Howson leaving at the end of the month.
Carillion Construction Services managing director Adam Green is also departing, along with Carillion Services managing director Nigel Taylor.
Shaun Carter, Carillion’s strategy director, is going to leave at the end of the year.

Image: Troubled Carillion has an HS2 building contract on its to-do list
Mr Howson had been ousted as chief executive in July when Carillion revealed an £845m hit following a review of badly performing contracts.
At the time, it said it was counting the cost of four “challenging” construction contracts, including three public-private partnerships in the UK.
The crisis has left interim boss Keith Cochrane under pressure to lead a turnaround.
Carillion said it had appointed, on secondment from business services firm Ernst & Young, Lee Watson as chief transformation officer.
Its shares opened 5% down in Monday trading.

Source: SKY