SNC-Lavalin hires ex-Siemens executive for oil and gas division
TORONTO, Sept 3
TORONTO, Sept 3 (Reuters) - SNC-Lavalin Group Inc on Tuesday named a former Siemens and AMEC executive to head its oil and gas division, the latest high-profile appointment by the scandal-plagued engineering company as it overhauls its executive team.
Terrance Ivers, a 30-year industry veteran, was until recently the chief executive officer at the oil and gas and compression and solutions business of German engineering giant Siemens AG.
From Sept. 16 he will be the executive vice president of Montreal-based SNC's oil & gas unit, which reported an operating loss during the second quarter.
SNC is one of the world's largest engineering and construction companies and is trying to move forward from a series of high-profile and far-reaching corruption and ethics misconduct cases that led to the ouster of top executives, including the firm's CEO.
"We've seen a complete management shake-out at SNC-Lavalin over the last 15 months," Dundee Capital Markets analyst Maxim Sytchev said in a client note.
"In our view, the new guard brings much-needed bench strength from Tier 1 global E&C (engineering and construction) players, improving the chances for a turnaround in results over the coming 12 to 24 months."
Earlier this year, SNC brought in Andreas Pohlmann from Siemens as its new chief compliance officer to help guide the company on corporate ethics. It also appointed Alain-Pierre Raynaud to the position of chief financial officer.
The 102-year-old company said last month that Hisham Mahmoud would be joining in early 2014 as group president of infrastructure.
Ivers and Mahmoud both worked at British engineering company AMEC Plc previously. In January, Neil Bruce, the former chief operating officer at AMEC, was named president of resources and environment at SNC.