Verbrec Limited (ASX: VBC) announces the appointment of Mark Read as Chief Executive Officer effective 13 March 2023. This follows the previously announced succession planning the Board commenced on 19 October 2022 given the retirement of Linton Burns from the roles of CEO and MD is slated for 27 September 2023.
Mr Read is a results focused business leader with over 30 years’ experience across publicly listed and privately held engineering service companies nationally and internationally. Mr Read has a proven track record of leadership, management and change management of technical services and project delivery organisations. His prior success in establishing, transforming, acquiring, and growing businesses to improve profitability and achieve sustained growth will be welcomed by all stakeholders.
- Chairman, Phillip Campbell, commented:
“With the assistance of a search firm, a comprehensive executive recruitment process commenced in October 2022. The Board was very encouraged by the calibre of candidates that made the short list. But in the end, Mark’s breadth of experience across a wide range of engineering activities including Design, D&C, EPC and EPCM, as well as operations and maintenance of plants, was decisive. The fact that Mark has had public company CEO and board experiences and experience chairing a significant industry representative body, is an added bonus.
Mark possesses strong and proven executive leadership and management skills that have seen him achieve outstanding results in national and international engineering service enterprises.
Linton, along with his executive team, have done an exceptional job implementing a new ERP across the merged entities, forging a new brand and identity, transforming the business via two bolt-on acquisitions, improving underlying profitability and finalising the three loss making legacy projects.
With Mark’s appointment coinciding with the recent closure of the Company’s final legacy project, the business is in a strong position to focus on delivering its record work-in-hand.
We are also very fortunate to have outgoing MD and CEO, Linton Burns, committed to ensuring a smooth transition for the Company.”
- Mr Read said he was excited about the opportunity to become the CEO of Verbrec and added:
“I am honoured to have been selected to take over the helm of a company with the capability and heritage of Verbrec at such an opportune time. Linton has done a tremendous job in the last three years to bring the company to this point. Verbrec is now ideally positioned to expand its current client offerings as well as developing new markets, particularly within the renewable energy and digital technology fields.
I look forward to delivering on the next stage in the evolution of Verbrec – building upon our purpose, increasing the brand’s value and enhancing the environment in which talented people can grow and flourish as well as strengthening our client relationships and delivering value to shareholders.”
- Outgoing MD & CEO Linton Burns commented:
“Given that both the transformation to Verbrec is complete and the previously described three poor performing legacy projects are closed, it is the right time to hand over the baton to Mark. He will continue building on the growth strategy underpinned by significant investment in transitioning to a more sustainable and smarter future and leveraging strong commodity prices.
I would like to take this opportunity to thank the management team and Board for their support. I look forward to watching the business and its people grow and prosper from the side-lines.”
Following Mr Read’s appointment, Mr Burns will be resigning as a Director and will serve out the remaining term of his employment contract initially supporting Mark’s transition and then finalising one or two projects.
Coinciding with Mr Read’s appointment, a handful of talented and experienced engineers currently with AEP Elical are expected to transition to employment with Verbrec, strengthening our digital industry and renewable energy capability.
A summary of Mr Read’s biography along with the key terms and conditions of his appointment can be found as annexure in the ASX Announcement titled ‘Chief Executive Officer Appointment’ dated 13 February 2023.