Interserve chief executive to step down as trading remains in line
Interserve chief executive Adrian Ringrose is to step down from the Board and leave the company after a successor has been appointed, the firm has announced.
The support services and construction group said Ringrose is leaving “to pursue the next phase of his career” and is expected to go early next year.
Interserve said: “The Board is undertaking a process to select a new CEO and, in the meantime, Adrian will continue in his current role and in due course facilitate a smooth transition.”
Group chairman Glyn Barker said: “I would like to thank Adrian for his significant contribution to Interserve over the last fifteen years. His dedication to the organisation has been and remains absolute and I wish him success and equal fulfilment in the next stage of his career.
“During his tenure as CEO, he has transformed the composition, scale and culture of the business. He will be leaving a legacy of strong, profitable businesses with an excellent market reputation. This, together with the outstanding team of people which he has developed throughout the organisation, is a great platform for our new CEO to take Interserve forward.”
Ringrose added: “It has been a huge privilege to serve on the Board of Interserve for the last 15 years, in particular to have led the business as chief executive for the vast majority of that time during which the company has expanded and developed significantly.
“I am proud of what we are achieving and continue to be humbled by the skill and care of my colleagues in providing vital services to our customers and remain committed to leading the company through this transition period.”
The news follows a trading update for the firm in which it revealed that expectations for the overall performance and cash delivery of the group remain unchanged.
Interserve said the continuing challenges of the UK construction market and the impact of slightly lower activity levels in public sector outsourcing are expected to be offset by stronger international construction and equipment services results.
It added: “Progress on contracts within its exited Energy from Waste business is in line with previous guidance, although significant risks still remain. The cash profile of work on these contracts has changed during the last few months, as we have sought to minimise overall risks by accelerating certain supply chain payments. This is expected to be offset by working capital management throughout the rest of the group to maintain year end net debt at the previously guided levels of £300m-£320m.”
Interserve will provide a close period update on trading and year end net debt levels in mid January 2017.