Andrew Davies (businessman)

Last updated

Andrew Oswell Bede Davies (born October 1963) [1] is a British businessman, and CEO of Kier Group.

Contents

Early career

Educated at the University of Sheffield, Davies joined BAE Systems in 1985. [2] At the company he became Managing Director Land Systems in 2004, Group Strategy Director in 2008 and Managing Director Maritime in 2011. [3]

He went on to be CEO of Wates Group in 2014 [4] and was appointed CEO designate of Carillion in October 2017. [5] Originally scheduled to join the financially troubled business in April 2018, Carillion announced in December 2017 that it had brought forward his start date to 22 January 2018. [6] However, Carillion went into liquidation one week before he was due to take up his post. [7]

During 2018, Davies continued as a non-executive director of aerospace and defence contractor Chemring, and also walked several long-distance paths including the 186-mile Pembrokeshire Coast Path. [8]

Kier Group

In January 2019, after turning down job offers elsewhere, [8] Davies was linked with the vacant CEO post at the similarly financially troubled Kier Group, [9] officially confirmed on 19 March 2019, [10] with Davies taking up the post on 15 April 2019, [11] when he announced a strategic review of the group's structure. [12] He later said Kier "was fundamentally a very strong operational company but had lost their way strategically and had taken a number of missteps which had proved, frankly, catastrophic." [8]

Less than two months later, on 3 June 2019, Kier issued a profit warning [13] causing its share price to fall over 40%, [14] and the fall continued on 14 June after reports that Kier would sell its housebuilding division. [15] On 17 June, Davies confirmed the housing division sale, plans to exit other markets, and 1,200 job cuts. [16] Kier's share price fell 17% to 108p, a level not seen since the company's 1996 flotation, [17] and its shares were subject to renewed 'shorting' with one analyst saying "every time Andrew Davies opens his mouth [Kier’s] shares seem to dive by 18% and the consensus in the market is that Kier will go bust." [18]

At the group's AGM in November 2019, shareholders objected to Davies's £2.6m annual remuneration package and an associated long-term incentive scheme. [19]

Related Research Articles

<span class="mw-page-title-main">Royal Liverpool University Hospital</span> Hospital in Mount Vernon Street, Liverpool

The Royal Liverpool University Hospital (RLUH) is a major teaching and research hospital located in the city of Liverpool, England. It is the largest and busiest hospital in Merseyside and Cheshire, and has the largest emergency department of its kind in the UK.

The Clugston Group was a privately owned business involved in construction and civil engineering, property development and logistics. The group was based in Scunthorpe, North Lincolnshire in England. On 5 December 2019, the group and its construction businesses filed for administration, with debts of £64m.

Vistry Group, formerly Bovis Homes Group, is a British house-building company based in Kings Hill, England. Bovis Homes completed a deal to acquire Galliford Try's housing arm in January 2020, renaming the combined business Vistry. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.

<span class="mw-page-title-main">Carillion</span> British construction company, 1999–2018

Carillion plc was a British multinational construction and facilities management services company headquartered in Wolverhampton in the United Kingdom, prior to its liquidation in January 2018.

<span class="mw-page-title-main">Interserve</span>

Interserve is a British construction and support services business based in Reading, Berkshire, which went into administration in 2019 and which is expected to be wound up in 2024. At that time, the group generated revenue of £2.2 billion and had a workforce of 34,721 people.

<span class="mw-page-title-main">Vaux Breweries</span> Brewer and hotel owner based in Sunderland, England

Vaux Brewery was a major brewer and hotel owner based in Sunderland, England. The company was listed on the London Stock Exchange. It was taken over by Whitbread in 2000.

Sandwell and West Birmingham NHS Trust is one of the largest National Health Service teaching Trusts in England and comprises Sandwell General Hospital in West Bromwich, City Hospital, Birmingham and Rowley Regis Hospital. The trust was established on 1 April 2002 following approval given by the Secretary of State for Health to amalgamate Sandwell Healthcare NHS Trust and City Hospital NHS Trust.

<span class="mw-page-title-main">Laing O'Rourke</span> Multinational construction company in the United Kingdom

Laing O'Rourke is a multinational construction company headquartered in Dartford, England. It was founded in 1978 by Ray O'Rourke. It is the largest privately owned construction company in the United Kingdom.

<span class="mw-page-title-main">Kier Group</span> British construction, services and property group

Kier Group plc is a British construction, services and property group active in building and civil engineering, support services, and the Private Finance Initiative.

<span class="mw-page-title-main">Amey plc</span> United Kingdom-based infrastructure support service provider

Amey plc, previously known as Amey Ltd and Amey Roadstone Construction, is a United Kingdom-based infrastructure support service provider.

Galliford Try plc is a British construction company based in Uxbridge, England. It was created through a merger in 2000 of two businesses: Try Group, founded in 1908 in London, and Galliford, founded in 1916.

Countryside Partnerships plc, formerly Countryside Properties plc, is a UK housebuilding and urban regeneration company, operating mainly in London and the South East of England, but with a presence in the North West of England. Until 2022, it was listed on the London Stock Exchange and was a constituent of the FTSE 250 Index.

Buckingham Group Contracting Ltd was a construction company, originally founded in 1955. It was located near Stowe, between Buckingham and Silverstone in north Buckinghamshire and operated throughout England and Wales. It went into administration in 2023 with the loss of over 400 jobs and owing over £256 million to creditors and employees.

<span class="mw-page-title-main">Midland Metropolitan University Hospital</span> Hospital near Birmingham, England

Midland Metropolitan University Hospital is a new acute general hospital being built on a 16 acres site in Grove Lane at Smethwick near Birmingham. The hospital was designed by a team led by HKS and including Edward Williams Architects and Sonnemann Toon Architects. Already behind its original target completion date of October 2018, it was being built by Carillion. However, the company went into liquidation in January 2018, causing the PFI contract to be terminated. This, plus later materials and manpower shortages, delayed the hospital's completion further. As of October 2023, the hospital is planned to open in autumn 2024.

Richard John Howson is a British businessman, and the former chief executive (CEO) of Carillion, a British multinational facilities management and construction services company that went into liquidation in January 2018. Howson's "misguided self-assurance" was said to have contributed to the company's collapse. In October 2023, Howson was disqualified from being a director of a UK company for eight years for his conduct as a director of Carillion.

<span class="mw-page-title-main">Alan Lovell</span>

Alan Charles Lovell is a British businessman, formerly chief executive of the British construction company Costain, and currently chairman of the Environment Agency.

Zafar Iqbal Khan, is a British accountant and businessman, and was the finance director of Carillion from 1 January to 11 September 2017, shortly before it went into liquidation in January 2018. In July 2023, Khan was disqualified from acting as a director of a company for 11 years.

Richard Adam is an English chartered accountant and businessman particularly associated with the financial management of media, construction and property-related companies. He was a board director of construction and services business Carillion from April 2007 to December 2016. After the company went into liquidation in January 2018, Adam was criticised by a Parliamentary select committees report, and the Financial Reporting Council and other regulators started investigations into his conduct. In July 2023, Adam was disqualified from acting as a director of a company for 12.5 years.

<span class="mw-page-title-main">Van Elle</span> British rail infrastructure company

Van Elle is a piling and rail infrastructure company based in Nottinghamshire, between Pinxton and Kirkby-in-Ashfield, in the United Kingdom. It is listed on the sub market of the London Stock Exchange AIM.

Tilbury Douglas is a British construction business with its head office in London.

References

  1. ↑ "Andrew Oswell Bede DAVIES". Companies House. Archived from the original on 3 February 2018. Retrieved 2 February 2018.
  2. ↑ "Profile: the new CEO of Carillion, Andrew Davies". Constructing Global. 28 October 2017. Retrieved 23 December 2017.
  3. ↑ "All change at the top for BAE Systems". Portsmouth News. 25 September 2013. Retrieved 23 December 2017.
  4. ↑ "Wates names new chief executive". Construction Index. Retrieved 23 December 2017.
  5. ↑ "Carillion picks new chief executive to lead its rebuild". FT. 27 October 2017. Retrieved 23 December 2017.
  6. ↑ Torrance, Jack (20 December 2017). "Troubled Carillion brings forward appointment of chief executive". Telegraph. Retrieved 2 February 2018.
  7. ↑ "Carillion to go into liquidation". BBC News. 15 January 2018. Retrieved 15 January 2018.
  8. 1 2 3 Rogers, Dave (19 July 2021). "Kier chief says writing was on wall for Carillion weeks before it went bust". Building. Retrieved 19 July 2021.
  9. ↑ "Kier chief ousted". The Construction Index. 22 January 2019. Retrieved 4 February 2019.
  10. ↑ Kleinman, Mark (18 March 2019). "Embattled Kier picks chief left stranded by Carillion collapse". Sky News. Retrieved 18 March 2019.
  11. ↑ Maatouk, Michele (19 March 2019). "Kier appoints Andrew Davies as new CEO". Sharecast. Retrieved 23 March 2019.
  12. ↑ Morby, Aaron (15 April 2019). "New Kier chief sets out to streamline £4bn group". Construction Enquirer. Retrieved 15 April 2019.
  13. ↑ Prior, Grant (3 June 2019). "Kier in profit warning as problems spread to building division". Construction Enquirer. Retrieved 3 June 2019.
  14. ↑ Karunaratne, Nilushi (5 June 2019). "Kier woes point to restructuring". Investors Chronicle. Retrieved 6 June 2019.
  15. ↑ Hickey, Shane (14 June 2019). "Kier shares plunge on report it wants to sell housing division". Guardian. Retrieved 16 June 2019.
  16. ↑ Prior, Grant (17 June 2019). "Kier cutting 1,200 jobs and selling housing arm". Construction Enquirer. Retrieved 18 June 2019.
  17. ↑ Kollewe, Julia; Davies, Rob (17 June 2019). "Kier Group to cut 1,200 jobs in attempt to avoid collapse". Guardian. Retrieved 18 June 2019.
  18. ↑ Ing, Will (21 June 2019). "Asset managers up bets against Kier share price". Building. Retrieved 21 June 2019.
  19. ↑ Morby, Aaron (16 November 2019). "Kier suffers shareholder revolt over chief's pay". Construction Enquirer. Retrieved 18 November 2019.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.