30/05/2011 - 10:41

VDM officially appoints Broad as CEO

30/05/2011 - 10:41

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Engineering and construction company VDM Group has completed a review of its operations and confirmed Andrew Broad as the permanent successor to Ken Perry as chief executive, effective immediately.

Engineering and construction company VDM Group has completed a review of its operations and confirmed Andrew Broad as the permanent successor to Ken Perry as chief executive, effective immediately.

Mr Broad joined the group in August 2010 as chief operating officer for the construction and contracting divisions.

He has been acting chief of VDM Group since March, when it surprisingly announced the retirement of then-chief executive Ken Perry, after just more than a year in charge.

Prior to joining VDM Group, Mr Broad was chief operating officer at ASX-listed drilling company Ausdrill.

VDM also announced today Rod Gonzales would join the group as chief operating officer.

Mr Gonzales has 15 years experience in engineering, working in Australia, Canada and the United States, recently as commercial director of WorleyParsons' Western Australia operations.

In a statement to the ASX today, VDM said the appointments of Messrs Broad and Gonzales were a direct result of the review of operations, which also called for the appointment of one or two new non-executive directors, which the company is now targeting.

VDM chairman Michael Perrott said the appointments were a significant step to positioning the group to return to profitability.

In February, VDM recorded a disappointing interim loss of $16.4 million, compared to a $5.2 million profit in the previous half year.

"We believe Andrew's appointment marks a turning point for VDM, as he brings skills and experience required to deal with the challenges and opportunities in front of the company," Mr Perrott said.

"Since joining VDM, Andrew has developed a strong understanding of our business, and we look forward to the contribution he can now make with his appointment as CEO.

"As a recently appointed chairman, I would expect that Andrew will see fit to make several changes to the business and culture of VDM and I look forward to working closely with Andrew and provide all the support he needs to improve our business for the benefit of all shareholders."

At 10:40AM (WST) VDM's stock had gained 3.3 per cent, to trade at 15.5 cents..

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