JLG.L Share News (JLG)

(Sharecast News) - Infrastructure company John Laing said on Thursday that Olivier Brousse has resigned as chief executive officer to take up a senior position at Veolia Group.
Brousse will stay on in the role while he assists the group to effect an orderly transition, it said, adding that it is in the process of identifying a new CEO and will provide updates in due course.

Chairman Will Samuel, said: "Olivier will leave behind a strong management team and a company that is in good shape. We will continue to work closely with him in the months ahead to ensure a smooth transition to the new leadership. He leaves with our best wishes for the future."

At 0815 GMT, the shares were down 1.2% at 382.80p.

RBC Capital Markets said:"Olivier has been with JLG since March 2014 and led the company through IPO in February 2015, as such he has been an important part of the story as JLG has significantly grown its asset portfolio over the last 5 years.

"We think he will be missed by investors however we expect that the transition process will be smooth such that there is no significant disruption to business operations, with Olivier agreeing to work with the company through the transition period until an adequate succession plan is in place. This announcement comes eight months after Patrick O'D Bourke stepped down as CFO and appears to be somewhat of a surprise given there is currently no announced successor, as such we think this is a small negative to the business given two high-level senior management changes have occurred in relatively quick succession."