Canada: SNC-Lavalin Waves Goodbye to CEO

Canada: SNC-Lavalin Waves Goodbye to CEO

Canada’s engineering and construcion firm,SNC-Lavalin Group Inc, announced that Pierre Duhaime has stepped down from his position as chief executive officer and as a director and will retire from the Company.

“Pierre has made major contributions to the growth and profitability of the Company during his 23 years of dedicated service,” said Gwyn Morgan, Chairman of the Board. “The Board has accepted his decision to step down, and we wish him well in the future. We are proud of the 28,000 skilled and dedicated people of SNC-Lavalin and know that they will continue their excellent service to the Company’s thousands of clients around the world.”

A search for a new Chief Executive Officer will begin immediately under the direction of the Chairman of the Board. Both internal and external candidates will be considered.

At the request of the other members of the Board, Ian A. Bourne has agreed to assume the function of Vice-Chairman and Interim Chief Executive Officer of the Company. The Board has struck a Special Transition Committee composed of the Chairman of the Board, the Interim CEO, and the Chairmen of the Audit and Human Resources Committees to assist with transitional matters, including serving as a resource to the management team.

Mr. Bourne is a seasoned executive who has served as a senior officer of a number of Canadian public corporations and is well versed in the affairs of the Company having served as a director and Audit Committee and Health, Safety and Environment Committee member since 2009.

“I look forward to working with our employees to build shareholder value,” said Mr. Bourne. During the transition period, Mr. Bourne will remain a director of the Company but will temporarily step-down from Board Committees.

The company, which is one of the ten largest engineering firms in the world, last week secured a USD 134 million project management contract from Petroleos de Venezuela S.A. (PDVSA) for the Delta Caribe Oriental Project. The Delta Caribe Oriental Project consists of four offshore gas fields; Dragon, Patao, Mejillones and Rio Caribe, as well as a substantial onshore development for industry, named Complejo Industrial Gran Mariscal Ayacucho (CIGMA).

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Source: SNC-Lavalin, March 27, 2012