HWE 0.00% 49.5¢ henry walker eltin group limited

HWE gets Transfield's ex CEO

  1. 268 Posts.
    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
 
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