Kier’s chief operating officer to depart

Troubled contractor Kier Group has reported that its chief operating officer Claudio Veritiero is to step down with immediate effect. His duties will be taken on by chief executive Andrew Davies and chief financial officer Simon Kesterton. The company also reported in a trading update that non-executive director Adam Walker had decided to step down from the board at the end of the year. Walker was appointed as a non-executive director at Kier at the beginning of 2016, he is also the executive vice president and chief financial officer of IHS Holding. In addition, Kier said the process to appoint a new chairman was ongoing. Kier said that as part of its plans to make annual cost savings of at least £55m in the financial year ending 30 June 2021 it is to exit its offices at 33 Foley Street, W1, and Tempsford Hall in Bedfordshire. The group acquired the 34,000 sq ft London property in 2015 from the BA Pension Fund for £55m. It has owned Tempsford Hall since 1964. Kier said it remained on course to reduce its headcount by around 1,200 by 30 June 2020. It has recently agreed to outsource its IT and fleet management activities and is taking additional steps to reduce its costs, including making changes to the structure of its senior management. Kier also said that it continued to progress the sale of its housebuilding division Kier Living and explore options to further accelerate the release of capital from its property business. Davies said: “We continue to build the foundations for the future of the group through the execution of our strategic priorities. Our core businesses are performing in line with our expectations and we continue to win work from a number of our major clients, whilst significantly reducing the group’s overheads and costs.” To send feedback, e-mail louise.dransfield@egi.co.uk or tweet @DransfieldL or @estatesgazette