08/03/2011 - 12:46

Forge Group begins executive search

08/03/2011 - 12:46

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Engineering and construction firm Forge Group is searching for a new managing director, after its current boss, Peter Hutchinson, stepped down in a move he says will drive the company's next phase of growth.

Engineering and construction firm Forge Group is searching for a new managing director, after its current boss, Peter Hutchinson, stepped down in a move he says will drive the company's next phase of growth.

Mr Hutchinson said the group's board had been working proactively to change Forge's management structure to reflect its considerable recent growth and future development plans.

"The company now requires a more independent board and a managing director who has a skill set more commensurate with an engineering and construction company that is entering such a significant phase of growth," Mr Hutchinson said.

Forge's strategic alliance agreement with major shareholder Clough calls for the appointment of an independent non-executive chairman," he said.

"In reviewing the alliance and recognising the need for change, Clough and our board have asked me to consider an executive chairman's role until the new managing firector has been appointed and settled in," Mr Hutchinson said.

"I then intend to step down as chairman to make way for a new independent non-executive chairman.

"This strategy will allow the company to commence an immediate search for the best chief executive that we can find in total transparency, ensure an orderly handover once the appointment has been made and we believe be in the best interests of all stakeholders.

"It is recognised that the board in general needs to transition from one of non-independent founding directors to a majority of independent directors.

"To better accommodate the appointment of a new managing director of Forge and my pending executive chairmanship, the company proposes to appoint two new non-executive directors to complement the board.

"Such change is both exciting and necessary and in accordance with good governance and the strategic alliance agreement with Clough."

Executive search firm Gerard Daniels will manage the recruitment process.

Also, Forge Group has appointed former Woodside Petroleum executive and current Moly Mines deputy chairman, David Craig, as a non-executive director.

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