Nomad MD, CFO move on

Phil Guy, who has been in the position since 2006, will leave the position immediately and be temporarily replaced by Alan Thomas, chief executive of Nomad subsidiary Rapley Wilkinson. Guy’s resignation comes after Nomad announced last week that its chief financial officer, Greg Dower, had also resigned. Nomad said Dower had been in the position for the last two years and would remain in the role for the next six months. Today’s statement said a number of business process issues had been identified which resulted in unacceptable project cost overruns in the past nine months, and that these matters were being actively and aggressively addressed. Further, the statement said the board had been “extremely disappointed by the inability of the company to capture the potential performance in the last six months given the record revenues and is of the view that the company has very sound fundamentals which will be enhanced by the matters being addressed”. Nomad chairman Rick Blair told CIN the need to address these matters originated from the overheated state of the sector six months ago, and the subsequent increased need to recognise the cost of the projects to the business.He said these projects are now 99% finalised.The board acknowledged Guy’s significant contribution to the growth of the company including two significant acquisitions since listing in 2006.Thomas’s role as chief executive of Rapley Wilkinson will be taken up in an acting capacity by an existing senior Rapley Wilkinson executive, Daren Staunton.

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