More than half of executives leave Aggreko board

By PERRY GOURLEY
Published on 14/09/2012 00:01

AGGREKO has announced a major shake-up of its business that will see more than half of the Glasgow-based temporary power supplier’s executive board members replaced by the end of next year.

Under the changes, the group’s global interests will be split into three geographic units, each handling both its local business – which provides temporary power generation – and its international arm focused on larger power plants.

Head of the US business George Walker will continue in his post until the end of the year before stepping down from the board. He will remain with the company in a sales and marketing role.

Kash Pandya, head of Aggreko’s international business, will leave the company in the second half of 2013. Bill Caplan, who currently heads the Europe and Middle East business, will also depart.

Asterios Satrazemis and Debajit Das, who already hold senior positions with Aggreko, will head up two of the regional units and join the board. An external candidate is being appointed for the third.

Chief executive Rupert Soames said the changes give “a robust and sustainable platform” for growth.

Andrew Nussey, an analyst at Peel Hunt, said he believed the changes reflected the dramatic growth of the company in recent years. He added: “This is being done from a position of strength and planning for the long term rather than a reaction to a current business issue.”

Rebecca McDonald, a US energy industry executive, will join as a non-executive director in October.

PERRY GOURLEY