Clough shares dip after chairman departs
Clough shares fell after chairman Mike Harding stepped down from the engineering and construction group.
Mr Harding departed after four years in the role, following Clough’s annual general meeting in Perth today, as foreshadowed in August.
Shares in Clough tumbled 8.5 cents, or 10.49 per cent, to 72.5 cents.
Mr Harding told the meeting that Clough had been through some difficult times but was now in a strong position to grow after refinancing itself, renewing the board, and forming strategic alliances and new companies including Clough Seam Gas.
Mr Harding also stated he would step up from being deputy chairman of bigger rival Downer EDI, a position he has held since July 1, to being its chairman.
He will be replaced at Clough by former Royal Dutch Shell and Woodside Petroleum staffer Keith Spence.
Clough chief executive John Smith stated in August that Mr Harding had joined the company in turbulent times and had been instrumental in repositioning it in the oil and gas market, particularly the booming coal seam gas/liquefied natural gas sector.
During Mr Harding’s tenure, Clough moved to reduce its dependence on fixed based contracts, which had forced it to wear cost increases, and settled its long-running dispute with a client, India’s Oil and Natural Gas Corporation.
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Submited at Tuesday, October 26th, 2010 at 10:00 pm on Business by nuterman
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