FCRM.L Share News (FCRM)

(Sharecast News) - Multi-utility infrastructure and services provider Fulcrum Utility Services announced the appointment of Daren Harris as its chief executive officer on Wednesday, with immediate effect.
The AIM-traded company also announced the appointment of Terry Dugdale, currently chief operating officer of gas, to the position of group chief operating officer and to the board as an executive director, also immediately.

It said Harris joined the company and its board as chief financial officer on 24 June, bringing "significant experience" from various senior and board-level roles in the construction, contracting, electrical engineering and energy services sectors.

Before Fulcrum, he was group finance director at the Byrne Group - a construction services provider which, during his tenure, achieved a turnover of more than £300m, and was also group finance director of NG Bailey - a £400m-turnover engineering and services business.

Harris is a member of the Institute of Chartered Accountants in England and Wales.

"I am delighted to be taking the position of CEO at Fulcrum at an exciting time for the group," Daren Harris said.

"We now have a clearer focus on designing and building new domestic, and industrial and commercial, utility connections, which we will deliver with the highest levels of customer satisfaction."

Harris said that, since joining Fulcrum as chief financial officer last year, he had been "impressed" by the "quality, experience and passion of the people in the business", as well as the group's growth potential, which he said was supported by a strengthened balance sheet following the proposed sale of its domestic utility assets to ESP.

"I am delighted to be leading the Group as CEO and, with the rest of the Fulcrum team, am committed to delivering the greatest sustainable value for our shareholders and stakeholders."

Following Daren's appointment as CEO, the board said it had begun the process to identify a new chief financial officer.

It said an interim financial director would be appointed "in short order", while that search was underway.

The board also said that the group's senior team was "strengthened" with the appointment of Dugdale as chief operating officer in 2019, who it said had an established track record of "driving innovation and performance" in the operational delivery of utility infrastructure, in the independent multi-utility contracting sector.

He had now been appointed to the board as executive director with immediate effect.

Dugdale is an Incorporated Engineer and is a member of both the Institute of Gas Engineers and Managers and the Institute of Directors.

"The combined expertise that Daren and Terry have across the independent multi-utility, contracting and energy services sectors will be invaluable in delivering the group's strategy and long-term growth at an exciting time for our end user markets," said chairman Phil Holder.

"I am delighted that Daren has agreed to accept the CEO role.

"The board has been incredibly impressed with Daren's performance during his tenure as CFO for the group, and we are confident in his ability to drive the business forward and deliver the group's strategic growth."

Holder said the board was also "very pleased" that Dugdale would be joining the board as group chief operating officer.

"The business is already benefiting from his extensive experience in the multi-utility contracting sector and Terry will continue to drive operational excellence to support the group's growth plans."

At 1429 GMT, shares in Fulcrum Utility Services were down 0.91% at 24.03p.