BUCKLEY TO LEAVE CARDNO
Written on the 7 January 2014
LONG time Cardno (ASX:CDD) boss Andrew Buckley (pictured) will retire in March to be succeeded by executive general manager international, Michael Renshaw.
Buckley, the chief executive officer and managing director, has guided the company for 16 years, from humble beginnings as a consultancy, to international infrastructure and environmental services company.
The company has been amongst the best performed on the ASX since listing in 2004, having increased market capitalisation from $30 million to about $1 billion with operations in 85 countries in 290 offices.
"It has been my privilege to lead Cardno and to contribute to the growth the company has achieved," says Buckley in a statement.
"I am also very proud of the commitment and achievements of all Cardno staff that i have worked with during my time with Cardno.
"However, it is now time to pass the leadership on to the next generation to lead Cardno to what I am sure will be a strong and exciting future."
Renshaw has worked for CDD since 2003 and in that time has build the United States operation from scratch, to contribute half the company's revenue today.
Marlay says the move is part of the company's succession process and comes after a extensive search for a replacement for Buckley.
"The board believes Michael Renshaw's deep knowledge of Cardno's business and his experience in developing Cardno's North American operations ... provides a strong foundation to lead Cardno's vision to become a world leader in the provision of professional services."
Renshaw will be paid a fixed amount of $700,000 annually, bolstered by a potential short term incentive valued at up to $1,050,000 and a long term incentive under the company's performance equity plan.
CDD is trading down 1.35 per cent at $6.600 per unit this morning.