Ennstone board changes

Source: Construction Digital

Date :19/09/2008 10:41:47

Ennstone have confirmed Chief Executive Officer Vaughan McLeod will retire from the firm during 2009.

The building materials company also revealed it is increasing its disposal programme, after its performance continued to deteriorate in the second half of the year.

McLeod will remain in the role until a successor is found.

Graham Brown has been appointed interim Executive Chairman of the company too, with immediate effect.

Brown, one of the independent non-executive directors of the company, is a chartered accountant and was formerly group finance director of Wilson Bowden plc until the end of 2006.

He said: “Following the prolonged deterioration in the US market and recent sharp downturn in the Company's core UK market, the company acknowledges that it needs to restructure its balance sheet in response to these challenging trading conditions.

“As such, the Board is actively pursuing its strategy of asset disposals alongside an equity fundraising in order to meet its current financing requirements.”