SNC-Lavalin Group Inc.’s rebuilding of its senior management team continues with the appointment of an industry veteran to lead the company’s global oil and gas business.
Montreal-based SNC said on Tuesday that Terrance Ivers will step into the position of executive vice-president of its oil and gas division in two weeks.
The post had been filled on an interim basis since May by Neil Bruce, SNC’s president of resources, environment and water.
The unit saw the departure of Andy Mackintosh in December of last year after a little more than a year as head of oil and gas operations.
The acting head of the business who took over on an interim basis – Ric Sorbo – left the company in May.
New chief executive officer Robert Card – the first American-born CEO in SNC’s 102-year history – has been shaking up the management team after a series of bribery, corruption and ethics scandals involving former top executives rocked the engineering and construction firm.
Mr. Ivers has more than 30 years’ international project and business management experience in the oil and gas sector, SNC said in a news release.
He was most recently CEO, oil and gas, compression and solutions, for Siemens.
“Today’s announcement brings much needed permanent leadership to this division,” Dundee Capital Markets analyst Maxim Sytchev said in a research note Tuesday.
The appointment of Mr. Ivers is the third high-profile executive announcement this year, said Mr. Sytchev.
The company is still looking for a new head of its power division, he added.
“We’ve seen a complete management shake-out at SNC-Lavalin over the last 15 months. In our view, the new guard brings much-needed bench strength from Tier 1 [Engineering and Construction] players, improving the chances for a turnaround in results over the coming 12-24 months,” said Mr. Sytchev.
The oil and gas business in particular has been posting an uneven performance and faces a difficult backlog situation, while SNC’s peers have a more positive outlook on the sector, he said.
“We have great plans to grow in this sector over the coming years and Terri’s client focus and extensive experience in oil and gas, and engineering and construction, will play a major role in our delivery program,” Mr. Bruce said in the news release.Report Typo/Error