Peter McBain has stepped down as chief executive of mining and civil contractor Brierty after a series of financial and operational setbacks, and will be replaced by the company’s chief operating officer.
Ray Bushnell has been promoted to the position of chief executive with immediate effect.
The company said the transition to a new chief executive was mutually agreed by the board and Mr McBain, who has been in the role since 2011.
Mr Bushnell joined Brierty in July 2015 as general manager mining and was promoted to chief operating officer in April this year, as part of a broader restructure during which former state treasurer Troy Buswell was promoted to chief financial officer.
Mr Bushnell’s past experience includes being chief executive at mining services company WPH (formerly Western Plant Hire), and senior roles at Mineral Resources, Lund Construction and Pybar Mining Services.
Brierty chairman Dalton Gooding praised Mr McBain, including for his role in lifting the company out of a difficult position in 2011.
Major contracts it has won since then include the $300 million Western Turner Syncline stage two for Rio Tinto, and a land development project in Darwin.
It has also incurred big losses on a Main Roads contract for the North West Coastal highway upgrade and been forced to write-down the value of its equipment.
The company expects to report an underlying net loss of between $10 million and $12 million for the year to June 2016.
“Given the changing conditions facing Brierty and the contracting sector more broadly, the board and Peter decided that the time was right for a fresh approach to ensure the company is best placed to respond to those challenges,” Mr Gooding said.
Mr Bushnell will be paid total fixed remuneration of $510,000, inclusive of superannuation.
By comparison, Mr McBain was paid cash income in the 2015 financial year of $658,000, inclusive of super.
In April, Mr McBain along with the company’s board elected to take a 15 per cent cut in their fixed remuneration.
