One of the longest-serving finance directors in industry is to step down at construction and services company, Mowlem, as it also revealed that 'historical accounting issues' in its mechanical and electrical business would lead to a pre-tax profit loss of £7.5m.
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No timeframe for Gerald Brown’s departure was given, but an unnamed replacement has already been found.
Brown, 54, has been with the construction business since 1973 and took over as FD in 1996.
In announcing Brown’s departure, new CEO Simon Vivian issued the company’s second profits warning in two months.
Vivian said that he had been forced to make some ‘very tough decisions’ in respect of balance sheet issues across the business. He added that while the issues in Mowlem Technical would take ‘some months to resolve’, he was confident that the company would be able to deliver improved performance and a ‘good result’ in 2005.
Mowlem said that its accounting problems would have no implications for the cash position of the group or its banking facilities.
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