Amec Foster Wheeler says CEO Brikho steps down
Oil and gas services company Amec FosterWheeler Plc said chief executive Samir Brikho isstepping down and appointed chief financial officer Ian McHoulas his interim replacement.
The company slashed its dividend by half in November as itattempts to survive a slump in oil prices - which are now below$30 a barrel.
Brikho who headed Amec since 2006 oversaw the company's $3billion purchase of Swiss engineering group Foster Wheeler in2014 when oil prices were more than $100 a barrel.
"It serves to highlight the stress on the balance sheet atthe moment caused largely as a result of the Foster Wheeleracquisition which he was the architect of" Mirabaud Securitiesanalyst David Thomas said.
Amec said McHoul had not put himself forward for the role.
The company also said trading in 2015 and the start of 2016was in line with expectations.
Reuters
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept any
responsibility or liability for the accuracy, content, images, videos,
licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright issues
related to this article, kindly contact the provider above.
Comments
No comment