Henry Walker Eltin finally has it new CEO, the former CEO of Transfield.
Hasnt seemed to help the share price to hold up in a down market though? Any followers have comments?
HENRY WALKER ELTIN GROUP LIMITED 2002-05-03 ASX-SIGNAL-G
HOMEX - Adelaide
+++++++++++++++++++++++++ Henry Walker Eltin advises that Mr Bruce James has been appointed to the position of Chief Executive Officer and Managing Director of the company.
Mr James comes to the position from Transfield Construction, where he has held the position of Chief Executive Officer since 1999.
Transfield Construction is the foundation business of the Transfield Group and one of Australia's largest engineering and construction companies with operations in Australia, New Zealand and South East Asia.
Mr James has been employed at Transfield for 27 years, the last 10 years of which has included the performance of senior management positions. Apart from Mr James' most recent position, these roles have included Chief Executive Officer, Transfield Operations and Maintenance; General Manager, Transfield Worley; and General Manager, Transfield Construction, Southern States.
Henry Walker Eltin Chairman Mr Neville Walker said that the company was delighted to have secured the services of an executive of Mr James' calibre and experience to succeed outgoing CEO Richard Ryan.
"Bruce James brings to Henry Walker Eltin an admirable track record in our core business of contracting, together with management skills ideally suited to the company's current state of development.
"In particular, his career demonstrates his capacity to develop successful sustainable businesses for example his role in leading the formation and development of Transfield Maintenance Division which was subsequently successfully floated as Transfield Services.
"His background in project management, and as the senior manager on a diverse number of major projects such as the Transfield Worley joint venture, means he will bring to the position a working knowledge of the fundamentals of engineering and mining services."
Mr James will commence his appointment at Henry Walker Eltin following the finalisation of his duties at Transfield. This is expected to occur shortly.
Mr James has been appointed under a 5 year contract. The associated remuneration package includes an options package which is subject to the approval of shareholders. Mr Walker said the options package was consistent with industry practice and reflected the desire of the board to ensure the CEO remuneration package is aligned with the objective of increasing shareholder value.
The option entitlements to be proposed include the granting of 1.2 million options exercisable after 3 years, and a further 2.8 million options subject to share price performance hurdles.
Mr James is 49 years old and holds a Bachelor Degree in Civil Engineering from Sydney University. He is a Board Member of the Australian Constructors Association and a member of the Australian Institute of Company Directors.
Mr Walker acknowledged the efforts of the departing Chief Executive Officer, Richard Ryan. "The board also wishes to recognise Richard Ryan's contribution to the company since his appointment in 1987. Henry Walker Eltin has developed substantially during his tenure as CEO and on behalf of shareholders I would like to record our appreciation for Mr Ryan's efforts."
Further comment:
Neville Walker CHAIRMAN 08 89431000
HWE Price at posting:
0.0¢ Sentiment: None Disclosure: Held
