Costain has announced Andrew Wyllie CBE is stepping down as CEO after 14 years.
Mr Wyllie - who has taken up the presidency of the Institution of Civil Engineers - will be replaced by Alex Vaughan, currently managing director of the Group’s natural resources division.
Mr Vaughan will be appointed as CEO following an AGM on 7 May 2019. He joined the company in 1992 and was appointed to the executive Board in 2006.
Mr Vaughan has played a leading role in Costain’s 'transformation into a smart infrastructure solutions business through his leadership of the development and growth of the Group’s consultancy and technology services', the company said.
Mr Wyllie CBE, commented: 'I have thoroughly enjoyed the past fourteen years and would like to thank my colleagues for their support and commitment. Costain is a great business with a great future ahead of it.'
Alex Vaughan said he looked forward to 'continuing our strategy as we enter a new era of opportunity for Costain'.
2018 results
Mr Wyllie leaves behind some mixed results from last year.
Revenue tumbled by over £200m to £1,489m from £1,728m in 2017 'reflecting a lower level of capital project activity in the year', leaving a net cash balance of £118.8m compared to £177.7m in 2017.
Profit before tax fell from £41.8m in 2017 to £40.2m however underlying operating profit was up 7% to £52.5m from £49.1m.
It also boasted a record order book 'due to differentiated strategic positioning' of £4.2 billion compared to £3.9 bn the previous year, with over 90% repeat business.
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