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Ex-Costain and Tarmac CEOs join SIG board

SIG has appointed the former chief executives of Costain and Tarmac as non-executive directors as it implements a turnaround plan.

Alan Lovell (pictured), who had spells at Costain and Jarvis, will join SIG as a non-executive director and senior independent director.

Former Tarmac chief executive Cyrille Ragoucy has also been appointed as a non-executive director at the materials and equipment supplier.

SIG chairman Andrew Allner said: “Their joining the board will significantly benefit the company as it executes its medium-term turnaround plan and develops its long-term vision and strategy for the future.”

Mel Ewell, who served as interim CEO of SIG until April 2017, will step down as a non-executive director at the end of this month.

Mr Lovell was chief executive of Costain between 1995 and 1997, during which time he helped the company tackle its loss-making businesses in the Middle East and US.

He later served as CEO of Jarvis between 2004 and 2006 and kept the firm in business after it suffered a £354m pre-tax loss, which put its survival in doubt.

In both cases Mr Lovell sold off significant assets to get the companies back on track.

Most recently has was brought in as a non-executive director for Carillion in December last year.

Last week the Financial Reporting Council opened an investigation into Deloitte for its auditing of SIG’s accounts in 2015 and 2016.

SIG had announced in February that its profit had been overstated by around £6.6m during the two years in question.

In a trading update released today, the company announced that EY would replace Deloitte as the company’s external auditor.

The company also announced that revenue for the six months to the end of June 2018 was flat compared with the same period in 2017.

SIG said the commercial new-build and repair and maintenance markets had faced “challenges” in the first half of the year, but it expected trading to improve in the second half.

So far this year SIG has sold off its modular building arm to Urban Splash and its specialist fixings business VJ Technologies. 

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