Role change for GR Engineering chairman

GR Engineering Services executive chairman Joe Ricciardo will step into a non-executive chairmanship role from the beginning of next year, after completing the handover of managerial control to managing director Geoff Jones.

Mr Ricciardo moved into the executive chairman role in June last year, after serving as the company’s managing director for seven years, with Mr Jones succeeding him as managing director.

Mr Ricciardo said that, since Mr Jones’ appointment, the managing director had delivered operational and financial outcomes that had outperformed the sector generally.

“Together with my board, I am satisfied that this transitional process is now complete and it is therefore appropriate that I adopt a less hands on involvement in the day to day activities of GR Engineering,” Mr Ricciardio said in an ASX statement.

The news of the role change follows a string of recent deals for GR Engineering.

Last month, GR Engineering announced it has executed a conditional $54.6 million contract to provide engineering procurement and construction works at MZI Resources’ planned Keysbrook mineral sands project near Serpentine.

GR Engineering was appointed the preferred contractor for the project in October last year.

The contractor also won a $10.3 million contract to provide engineering, procurement and construction management work at Flinders Resources’ Wetar Copper project expansion in Indonesia.

The company also announced it has signed a memorandum of understanding with Mutiny Gold for the construction of a processing facility at Mutiny’s Deflector copper-gold project in the Mid West.

GR Engineering announced in August it has lifted its full-year profits 89.3 per cent to $14.2 million, despite a 0.4 per cent decrease in revenue.

GR Engineering shares closed 1.3 per cent higher, at 76 cents per share.