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Amec Foster Wheeler chief executive to step down from engineering giant; Samir Brikho said it had been a privelege to lead the multinational at 'a time of huge change in the global energy and commodities market'.

Byline: Robert Gibson

Engineering giant Amec Foster Wheeler has announced that its chief executive Samir Brikho is to step down.

Chief Financial Officer Ian McHoul has been appointed into the role of interim CEO with immediate effect and will chair the Group Leadership Team while the search for a new CEO is conducted.

Both internal and external candidates will be considered - although Mr McHoul will not be putting himself forward for the role.

Amec Foster Wheeler's chairman John Connolly said: "Samir has been the chief executive for over nine years and has made a significant contribution to our development over this period, including the re-shaping and re-focusing of the business at the start of his tenure to build up the global company Amec Foster Wheeler is today.

"On behalf of the board and everyone at Amec Foster Wheeler I thank Samir for his commitment and contribution.

"We wish him the best for the future.

"The board has mandated Ian to continue driving forward the company's previously stated priorities."

Amec Foster Wheeler, which has several bases in the North East, was formed in January 2014, when Amec, a UK engineering consultancy, acquired Foster Wheeler, paid around $3.2bn in cash and shares for the engineering and project management contractor.

The company has seen demand for its engineering services drop amid ongoing difficulties within the oil sector.

However, it has confirmed that is 2015 trading results, to be announced on March 10, are in line with expectations.

Trading so far in 2016 has also been as expected and the refinancing of the company's credit facilities is progressing to plan.

Mr Brikho said: "It has been a privilege to lead Amec Foster Wheeler at a time of huge change in the global energy and commodities market.

"My aim has always been to help to create a leading integrated global service company capable of meeting our customer demands.

"I am so appreciative of the unstinting work and support of the 40,000 colleagues who all contribute to Amec Foster Wheeler's success."


Amec Foster Wheeler chief executive, Samir Brikho

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Title Annotation:Business
Publication:The Chronicle (Newscastle upon Tyne, England)
Date:Jan 18, 2016
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