* Raynaud to replace Gilles Laramée effective June 1
* Laramée will continue to lead infrastructure and
* Shares down 2 percent
April 3 Construction and engineering company SNC
Lavalin Group Inc, which has been at the center of an
ethics and corruption scandal involving former executives, said
Alain-Pierre Raynaud will take over as chief financial officer
effective June 1.
Raynaud, who was the CFO of French nuclear reactor maker
Areva until 2011 and the CEO of its UK unit after
that, will replace Gilles Laramée, who was assigned to take over
responsibilities of a new business unit last December.
Canada's SNC, one of the world's largest engineering
companies, said in December it had launched a search for a new
The 102-year-old company said last year it uncovered tens of
millions of dollars in mysterious payments.
Former chief executive Pierre Duhaime resigned last year
amid the scandal and faced more fraud-related charges in
"We view this CFO appointment as positive given Raynaud's
strong resume and global experience," Sara O'Brien of RBC
Capital Markets said in a note to clients.
Raynaud has spent more than three decades in the energy,
automotive and banking industries. He will be based at the
company's head office in Montreal.
Laramée will now continue exclusively as executive vice
president for infrastructure, concessions and investment, the
SNC installed a new CEO and several new executives while
tightening its ethics policies.
Shares of the company, which has a market value of C$6.42
billion, were down 2 percent at C$41.57 on the Toronto Stock
Exchange on Wednesday. The stock has gained 12 percent since new
CEO Robert Card took over the reins on Oct. 1.