Arcadis chief executive Neil McArthur has stepped down after a difference of opinion over the consulting giant’s future direction.
He will be temporarily replaced by chief financial officer Renier Vree, the company said in a trading update today.
Arcadis revealed it had suffered a challenging third quarter hit by weakness in emerging markets and the sharp fall in Sterling.
Arcadis said its operating income fell 34% to €43m, missing market forecasts.
In the UK, which accounts for 17% of total revenue, Arcadis suffered a fall in turnover. The decrease in revenue was mainly due to a 9% currency effect.
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Net revenues grew organically with 3% due to good growth in infrastructure and water, but buildings revenue declined due to Brexit-related delays in clients’ investment decisions.
Vree said: “We will continue to focus on winning work with our clients and cash collection.
“Furthermore we will step up the pace in aligning our cost structure to the new market realities and simplify the organisation. The strategy process remains ongoing and we will disclose our strategy update at the beginning of 2017.”
Commenting on his decision to step down McArthur said: “I am proud of what we have achieved as a company over the past five years.
“Together, we have expanded our core business organically and through acquisitions, going from a €2bn 15,000 people organization in 2012, to a €3.4bn global multinational with 27,000 people under a single global brand, with a collaborative structure and culture.
“Now it’s time for someone else to lead Arcadis through the next stage of our journey.”
McArthur receives one year salary of €630,000 as part of the agreement.
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from Construction Enquirer http://www.constructionenquirer.com/2016/10/27/arcadis-ceo-steps-down-over-differences/
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