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SNC Lavalin : CEO Neil Bruce steps down; Ian Edwards takes charge

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06/13/2019 | 06:09 am

Neil Bruce has stepped down as president and chief executive officer of Montreal-headquartered engineering and contracting firm SNC-Lavalin, and has been replaced by chief operating officer, Ian Edwards, who took up the role on 11 June, 2019.

Remaining as an advisor on the firm’s board until the end of 2019, Bruce has left his role to “return to his family in the UK”, according to a statement by the company.

Edwards, who worked as SNC-Lavalin's COO since January 2019, had “already implemented numerous measures to improve the operational performance of the company”, the firm said.

SNC-Lavalin’s board has asked the new CEO to review the “strategic direction of the company” and develop a plan that “de-risks and simplifies" its business model, as well as generates consistent earnings and cash flow.

The Canadian contractor faced challenges in 2018, with diplomatic tensions between Canada and Saudi Arabia affecting profitability, Bruce said in March, calling last year a 'disappointing' one for SNC-Lavalin.

In February, SNC-Lavalin denied “inaccurate” media reports that it would exit Saudi Arabia in light of the diplomatic spat between Canada and Saudi Arabia.

(c) 2019 ITP Business Publishing Ltd. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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