Emeco CEO to step down later this year

Emeco Holdings chief executive Laurie Freedman has decided to step down, a month after the company revised down its earnings guidance for the second time this calendar year.

Chairman Alec Brennan announced that Mr Freedman will step down from his role at a "mutually convenient" time later this year, with the search already underway for a new chief executive.

Mr Freedman, who continues to own a substantial shareholding, has agreed to remain in his role until his successor starts at the mining services company.

Last month, Emeco revised down its net profit forecasts for this financial year, down from the previously advised range of $65 million to $72 million, to between $56 million and $60 million.

Emeco said at the time the revision was a result from weaker than expected conditions in Queensland, Canada and Europe, and the appreciation in the Australian dollar.

The announcement is below:

The Chairman of Emeco Holdings Limited, Mr Alec Brennan, announced today that Emeco Chief Executive Officer, Mr Laurie Freedman, has decided to step down from his role as CEO at a mutually convenient time later this year.

Accordingly the Emeco board has commenced a search for a new CEO assisted by Korn Ferry International.

In order to ensure a smooth leadership transition, Mr Freedman has agreed to remain as CEO until his successor commences with the company.

Mr Brennan paid tribute to the very substantial contribution Mr Freedman has made to Emeco over the past ten years.

"Laurie has been responsible for building the company to its current scale and led the company through its IPO in 2006," Mr Brennan said.

Mr Freedman continues to own a significant shareholding in the company.