A slew of disappointing results has cost the chief executive of Dutch civil engineering group Arcadis his job, the Financieele Dagblad said on Thursday.
Neil McArthur, who was appointed in 2012, is stepping down ‘by mutual consent’ after ‘a difference of opinion on Arcadis’ path moving forward’, the company said in a statement.
His resignation comes as Arcadis said in a trading update its third-quarter turnover was down 7% at €596m and that operating profit had shrunk 33% over the same period.
McArthur was appointed to a new four year term 18 months ago.
Analysts said the company had put in a ‘weak performance’ with a downward trend in almost all sectors in which it operates.
McArthur will be replaced ad interim by financial chief Renier Vree. The search is now on for a new CEO to take the company forward, Arcadis said in the statement.
Arcadis shares were down 12% in early trading in Amsterdam.
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