Grontmij replaces CEO, cuts jobs
Monday 19 December 2011
Troubled civil engineering group Grontmij has replaced its CEO Sylvo Thijsen with immediate effect.
Michiel Jaski, formerly of the Arcadis civil engineering group, will take over the helm of Grontmij, which has been beset by problems in recent months.
In particular, the company is carrying a heavy debt burden following a number of expensive takeovers, the Financieele Dagblad said.
Grontmij also said on Monday it is cutting its workforce by between 150 and 200, mainly in the Netherlands. A €12m provision for the reorganisation will push the company into the red this year.
Two of the five-strong supervisory board and the group's CFO have already left, under pressure from a number of major shareholders, the FD said.
© DutchNews.nl
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