Costain non-executive chairman David Allvey is stepping down from his role after 14 years with the company.
Mr Allvey announced he will retire from the company’s board next year, after 14 years as a non-executive director, including the last seven as chairman.
Prior to this, he was a finance director for BAT Industries and chief operating officer for Zurich Financial Services.
He spent time as Costain’s audit chairman before he was appointed overall chairman in January 2008, replacing David Jefferies.
Mr Allvey began his professional career as a civil engineer before becoming a chartered accountant.
Costain has now commenced a process to appoint a successor, led by the contractor’s senior independent director James Morley.
Meanwhile, Costain, Pinsent Masons and the University of Cambridge have secured funding from Innovate UK to look at innovation knowledge-sharing.
The research project will last 12 months and examine how innovation should be promoted throughout the supply chain.
The project is titled ‘Maximising Innovation Beyond Procurement and Contract Execution’.
Costain legal executive Adam Golden said: “Under many current industry models, the potential for innovation diminishes as a project develops.
“The aim of this research project is to identify the barriers to innovation and see what steps can be taken to reduce the uncertainty and risk related to innovation.
“We will then be able to ensure that innovation is maintained throughout the whole life of a project.”
Innovate UK lead technologist for the built environment Mark Wray said: “Within current contractual frameworks there is a degree of fear and uncertainty inside the supply chain with regard to innovation. Innovation by its very nature carries a degree of risk.
“Where collaborative innovations are undertaken and the desired result is not as expected, these relationships can become litigious.
“What this project aims to do is essentially eradicate this reduction in the ability to innovate, ensuring that the opportunity is maintained throughout the whole life of the project.”