Thanks a million as Amec unveils new CEO
Oil & gas industry specialist Dr Jon Lewis has weighed in as new CEO of engineering giant Amec Foster Wheeler with what appears tantamount to a million pound remuneration package.
Currently in a senior role with Halliburton Company Inc in Texas, Dr Lewis has more than 30 years experience in the oil & gas sector and will succeed interim CEO Ian McHoul on June 1; McHoul will remain as CFO.
Amec, which has major operations in the East of England, said Dr Lewis’s salary will be £775,000 a year and he will be eligible for an annual bonus and participation in the long term incentive plan, plus receive other benefits in accordance with the company's remuneration policy for executive directors.
Dr Lewis has been employed in a number of senior roles at Halliburton Company Inc since 1996. He is currently based in Houston where he is a senior vice-president and member of the Halliburton executive committee, with responsibility since 2014 for leading its largest division, Completion & Production.
Prior roles included leadership of the Europe/Sub-Saharan Africa Region (the largest operating region outside North America) and the Drilling and Evaluation Division.
He joined Halliburton following nine years in academia, where he was NERC research fellow at the Royal School of Mines at Imperial College in London and Conoco Lecturer in Petroleum Geology at Heriot Watt University, Edinburgh. The 54-year-old holds dual UK/US citizenship and will be based at Amec’s London headquarters.
Interim CEO Ian McHoul also gave a Q1 trading update for Amec which saw the company’s UK share price increase 16p to 501.50p on early London dealing despite a 1.5 per cent drop in revenue to £1.3 billion from £1.32bn.
The order book stood at £6.4bn at the end of March compared to £6.6bn at the year-end. This represents a decline of three per cent since December. Net debt at the end of March was £1.16bn.
McHoul said: “Our asset-light and flexible operating model and access to a wide range of end-markets and customers means we are well-placed to tackle the challenging market conditions which continue in many areas of our operations. This resilience means our financial guidance for 2016 remains unchanged.”
Amec says it has identified a number of businesses and assets that it considers non-core and these are being prepared for sale.
“We continue to expect these disposals to provide the major contribution to the plan to halve net debt by mid-2017,” he added.