6 March 2019
Costain today announces that Andrew Wyllie CBE, after 14 years as CEO of the Company, is retiring in order to pursue a non-executive career. He recently took up the presidency of the Institution of Civil Engineers and is a non-executive director of Yorkshire Water Services.
Alex Vaughan, currently managing director of the Group’s natural resources division, will be appointed as CEO with effect from the conclusion of the Company’s AGM on 7 May 2019. The appointment of Alex is in accordance with the Board’s succession plan which included an extensive internal and external search process.
Alex joined Costain in 1992, was appointed to the executive Board in 2006 and has played a leading role in Costain’s transformation into a smart infrastructure solutions business through his leadership of the development and growth of the Group’s consultancy and technology services. In his current role, Alex has delivered significant growth in profit and margin in the natural resources division.
He is a qualified chartered quantity surveyor, has worked on infrastructure projects in the UK and internationally and, additionally at Costain, has held various corporate roles across HR, strategy, M&A and corporate development.
In order to effect an orderly handover, Andrew will remain as CEO and on the Board until 7 May 2019 and will remain an employee of the Company until 6 September 2019.
Dr Paul Golby CBE, chair commented:
“I would like to thank Andrew for everything that he has done for the business and to wish him and his family well for the future. Andrew can feel extremely proud of what he has achieved at Costain. He leaves the Group in good health, the result of the growth strategy which he and his colleagues have been implementing for the last fourteen years. We are delighted that Alex will be taking over. He has played a major role in the development of the Group and the implementation of its strategy, and has the expertise and ambition to deliver the future growth of the business.”
Andrew Wyllie CBE, commented:
“I have thoroughly enjoyed the past fourteen years and would like to thank my colleagues for their support and commitment. Costain is a great business with a great future ahead of it.”
Alex Vaughan commented:
“I am delighted to have been appointed CEO and very much look forward to leading the business and continuing our strategy as we enter a new era of opportunity for Costain.”
Costain Tel: 01628 842 444
Carolyn Rich, Investor Relations Director
Sara Lipscombe, Group Communications Director
Instinctif Partners Tel: 0207 457 2020
Listing Rule 9.6.13R
The Company confirms that there are no disclosures to be made in connection with Mr Vaughan’s appointment in accordance with Listing Rule 9.6.13R.
Information regarding Mr Wyllie
Information on payments to be made to Andrew Wyllie after he ceases to be a director, which the Company is required to make available under s430(2B) of the Companies Act 2006, can be accessed via the Investors section on www.costain.com