Keith Cochrane is to succeed Mark Selway
as Chief Executive of the Weir Group.
The Weir Group PLC today (the “Group” or
“Weir”) announces that, following eight years with the Group, Mark
Selway has confirmed that he intends to step down as Chief
Executive on 2 November 2009 and leave the Group on 31 December
2009. He is to become Chief Executive of Boral Limited,
Australia’s largest building and construction materials
supplier. The Board is very sorry to lose Mark but
understands and respects his decision to return to Australia to
take up an exciting new challenge with Boral.
The Board is pleased to announce that Keith
Cochrane, Group Finance Director, will succeed Mark as Chief
Executive with effect from 2 November 2009. Keith
joined Weir in 2006 from ScottishPower plc, where he was group
director of finance and before that he was finance director and
then chief executive of Stagecoach Group plc.
Throughout his time at Weir, Keith has been
pivotal to the company’s continued success. He has
undergone a rigorous development programme and is well-versed in
all operational aspects of the business. He has
contributed significantly to the development of the Group’s
strategy and has been actively involved in operational
activities.
Commenting, Chairman Lord Smith of
Kelvin, said:
“Mark was appointed Group Chief Executive in
June 2001 and under his leadership the Group has been transformed
into a highly focused industry leader in the mining, oil & gas
and power generation markets. We are very grateful for his
leadership, drive and commitment and whilst fully respecting his
decision to return home, are truly sorry to see him go.
“Succession planning is a key issue for the
Board and we put in place rigorous development plans for all the
Group’s senior executives. Keith is ideally equipped to
succeed Mark, given his global experience, knowledge of Weir’s core
markets and his outstanding leadership qualities.”
Commenting, Mark Selway
said:
“Choosing to leave Weir has been one of the
toughest decisions of my life but the time is now right to handover
to a successor to continue the Group’s future development. Keith
will do a great job.
“I am very proud of what the team at Weir
has delivered and am confident that we have put in place solid
foundations for the next phase of the Group’s development.”
Commenting, Keith Cochrane
said:
“I am delighted to take up this
opportunity. The Weir Group is an outstanding organisation,
with a proud history and exciting future. I look forward to
leading the Group into its next stage of development.
“In the meantime, Mark and I will work
diligently to execute a seamless transition while ensuring delivery
on our financial commitments.”
Finance Director
The Board has commissioned a search for a
new Group Finance Director. Both internal and external
candidates will be considered.
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Contact details: The Weir Group
PLC
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Lord Smith of Kelvin
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Helen Walker, Public Relations Manager
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Tel. 0141 308 3739
Mobile: 07789
032296
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Maitland
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Tel. 020 7379 5151
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Suzanne Bartch
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Mobile: 07769 710
335
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Rowan Brown
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Mobile: 07834
434662
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About Weir
The Weir Group PLC is a global leader in the
design, supply and ongoing service of engineering equipment for the
Mining, Oil & Gas and Power & Industrial sectors.
With annual sales of £1.5bn Weir employs over 9000 people and
operates in 42 countries.
For further information about The Weir Group
PLC and its businesses, visit http://www.weir.co.uk/.
