Amec Foster Wheeler to get new boss as CEO Samir Brikho steps down amid board room reshuffle and plunge in share price.
Amec announced the news Monday 18th January, stating that whilst the hunt starts for a new full-time replacement, the firm’s Chief Financial Officer Ian McHoul will step in as interim CEO.
Amec Foster Wheeler Merger
Back in January 2014, Amec CEO Samir Brikho drove through a US$3.2 billion merger with Swiss engineering firm Foster Wheeler in a bid to build a truly global engineering group.
Since then the global oil price has hit the floor, bringing both income and share price of the now merged Amec Foster Wheeler down 70%.
The once cash rich Amec was even forced to cut its dividend in November of 2015, which seems to be the final straw for investors and the board, leading to today’s reshuffle and a hunt for a new chief.
Commenting on the move Amec FW chairman, John Connolly, said: “Samir has been the Chief Executive for over nine years and has made a significant contribution to our development over this period, including the re-shaping and re-focusing of the business at the start of his tenure to build up the global company Amec Foster Wheeler is today.”
“On behalf of the Board and everyone at Amec Foster Wheeler I thank Samir for his commitment and contribution. We wish him the best for the future.”
Samir Brikho said: “It has been a privilege to lead Amec Foster Wheeler at a time of huge change in the global energy and commodities market.”
“My aim has always been to help to create a leading integrated global service company capable of meeting our customer demands.”
“I am so appreciative of the unstinting work and support of the 40,000 colleagues who all contribute to Amec Foster Wheeler’s success.”