Last checked at 16 Sep 2009 07:00
The Weir Group PLC
16 September 2009
Keith Cochrane is to succeed Mark Selway as Chief Executive of the Weir Group.
The Weir Group PLC today (the "Group" or "Weir") announces that, following eight years with the Group, Mark Selway has confirmed that he intends to step down as Chief Executive on 2 November 2009 and leave the Group on 31 December 2009. He is to become Chief Executive of Boral Limited, Australia's largest building and construction materials supplier. The Board is very sorry to lose Mark but understands and respects his decision to return to Australia to take up an exciting new challenge with Boral.
The Board is pleased to announce that Keith Cochrane, Group Finance Director, will succeed Mark as Chief Executive with effect from 2 November 2009. Keith joined Weir in 2006 from ScottishPower plc, where he was group director of finance and before that he was finance director and then chief executive of Stagecoach Group plc.
Throughout his time at Weir, Keith has been pivotal to the company's continued success. He has undergone a rigorous development programme and is well-versed in all operational aspects of the business. He has contributed significantly to the development of the Group's strategy and has been actively involved in operational activities.
Commenting, Chairman Lord Smith of Kelvin, said:
"Mark was appointed Group Chief Executive in June 2001 and under his leadership the Group has been transformed into a highly focused industry leader in the mining, oil & gas and power generation markets. We are very grateful for his leadership, drive and commitment and whilst fully respecting his decision to return home, are truly sorry to see him go.
"Succession planning is a key issue for the Board and we put in place rigorous development plans for all the Group's senior executives. Keith is ideally equipped to succeed Mark, given his global experience, knowledge of Weir's core markets and his outstanding leadership qualities."
Commenting, Mark Selway said:
"Choosing to leave Weir has been one of the toughest decisions of my life but the time is now right to handover to a successor to continue the Group's future development. Keith will do a great job.
"I am very proud of what the team at Weir has delivered and am confident that we have put in place solid foundations for the next phase of the Group's development."
Commenting, Keith Cochrane said:
"I am delighted to take up this opportunity. The Weir Group is an outstanding organisation, with a proud history and exciting future. I look forward to leading the Group into its next stage of development.
"In the meantime, Mark and I will work diligently to execute a seamless transition while ensuring delivery on our financial commitments."
Finance Director
The Board has commissioned a search for a new Group Finance Director. Both internal and external candidates will be considered.
| Contact details: The Weir Group PLC | |
| Lord Smith of Kelvin | Tel. 0141 308 3739 |
| Helen Walker, Public Relations Manager | Mobile: 07789 032296 |
| Maitland | Tel. 020 7379 5151 |
| Suzanne Bartch | Mobile: 07769 710 335 |
| Rowan Brown | Mobile: 07834 434662 |
About Weir
The Weir Group PLC is a global leader in the design, supply and ongoing service of engineering equipment for the Mining, Oil & Gas and Power & Industrial sectors. With annual sales of £1.5bn Weir employs over 9000 people and operates in 42 countries.
For further information about The Weir Group PLC and its businesses, visit www.weir.co.uk.