Kier COO leaves

Kier’s Chief Operating Officer (COO) has stepped down with immediate effect.

COO Claudio Veritiero has left the group, with Chief Executive Officer Andrew Davies and Chief Financial Officer Simon Kesterton taking over his responsibilities.

Board member Adam Walker will instead leave the group at the end of the year. Senior Independent Non-Executive Director Justin Atkinson will assume the role of chair of the Risk Management and Audit Committee until a successor has been appointed.

Meanwhile, Kier said the sale of its housebuilding division Kier Living “continues to progress” as the group explores options to also “accelerate the release of capital from its property business”.

Kier posted a full-year loss of GBP245m in September and the company said it remained on track to deliver a “headcount reduction of 1,200 by 30 June 2020,” expecting annual cost savings of at least GBP55m in the financial year ending 30 June 2021.

The group is also exiting its offices at Tempsford Hall, Bedfordshire, and Foley Street, London and making a number of changes to the structure of its senior management in a bid to reduce costs.

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."

The group has been awarded approximately GBP1bn of new contracts and been appointed to a number of frameworks since the end of June 2019, including the GBP30bn Construction Works and Associated Services framework for the Crown Commercial Service.