You are viewing 1 of your 1 free articles
Social housing contractor Kier has announced a strategic review of its business as it confirmed the arrival of its new chief executive.
The UK’s second-biggest construction firm, which has seen rising debt levels in the past few years, said that Andrew Davies had taken over as chief executive today.
Mr Davies was previously appointed to lead British contractor Carillion but the group became insolvent before he began in the role.
Before that, he was chief executive of property and construction company Wates between 2014 and 2018.
He will begin at Kier by leading a strategic review of the group, which, according to the firm, “will consider ways of further simplifying Kier to create a more focused group, the allocation of capital resources across the group and additional steps to improve cash generation and reduce leverage”.
The company said that the board had already been working on how to make Kier more sustainable in recent months and has been continuing its Future Proofing Kier programme, which will be additional to the new review.
Previous chief executive Haydn Mursell left in January after eight years at the company, following Kier announcing a £250m rights issue before Christmas to reduce debt.