Aggreko PLC ORGANISATION UPDATE AND BOARD CHANGES (7545Q)
June 22 2015 - 2:00AM
UK Regulatory
TIDMAGK
RNS Number : 7545Q
Aggreko PLC
22 June 2015
22 June 2015
Aggreko plc
ORGANISATION UPDATE AND BOARD CHANGES
Aggreko plc is today announcing organisational changes in
advance of setting out our business priorities on 6 August 2015.
These changes will be effective from 1 August 2015.
At our preliminary results in March a review of business
priorities was announced by new Chief Executive, Chris Weston.
Since then the executive team has undertaken a comprehensive
analysis with the objective of understanding the changes in the
dynamics of Aggreko's markets, its customers and their needs. The
purpose of the review is to identify the key growth drivers for
Aggreko and determine ways we can improve our operational
efficiency and effectiveness; the output of this work is a set of
core business priorities for the next growth phase of Aggreko,
which will be announced on 6 August 2015.
The need for a new organisational structure has been identified
and the Board has decided to announce this now so that the relevant
internal organisational changes can be implemented straight away.
In order to better address our markets and improve operational
efficiency, the Group will move from the current regional structure
to operate as two business units: Aggreko Rental Solutions; and
Aggreko Power Solutions. Aggreko Rental Solutions will incorporate
our Local businesses in developed markets[1]. Aggreko Power
Solutions will include our existing Power Projects business and our
Local businesses in developing markets[2].
The new organisational structure results in some key management
changes. Asterios Satrazemis, currently Regional Director for
Americas and who has been with Aggreko in various senior roles for
the last 7 years, will become President of the Rental Solutions
business based in the US. The Power Solutions business will be run
by Chris Weston on an interim basis while a search process is
underway to identify a permanent leader. Debajit Das, currently
Regional Director for Asia Pacific and David Taylor-Smith,
currently Regional Director for EMEA will remain with the Group for
a period of time in order to assist with the transition and will
step down from the Board in due course.
At the time of our interim results on 6 August 2015, in addition
to communicating our business priorities, we will provide historic
financial data under the new structure.
Chris Weston, Chief Executive, said:
"In recent months we have been conducting a review into our
business priorities and I look forward to sharing the output of
this review on August 6th. As part of this process, we have taken
the decision to reorganise the business to be as efficient and as
effective as we can be for our customers and our markets."
"I would like to congratulate Asterios on his new appointment
and thank David and Debajit for their significant contribution to
Aggreko over a number of years, and to personally thank them for
the support they have provided since I joined the Group in January.
We wish them both every success for the future."
Enquiries
Investors & Analysts
Louise Bryant, Aggreko plc +44 7876 478 272
Media
John Sunnucks / Lorna Cobbett, Bell
Pottinger +44 20 3772 2500
Notes to Editors
Aggreko is currently structured as three regions: Americas, Asia
Pacific and Europe, Middle East and Africa.
[1] North America, Europe and Australia Pacific
[2] Latin America, Africa, Middle East, Russia and Caspian and
Asia
This information is provided by RNS
The company news service from the London Stock Exchange
END
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