The chief executive of Carillion has stepped down with immediate effect amidst profit warnings on contracts relating to public-private partnership projects worth £845m.
Richard Howson, who has been the group’s boss since January 2012, has been replaced by non-executive director Keith Cochrane on an interim basis.
An enhanced review of all of the group’s material contracts, with the support of KPMG and its contracts specialists, is now underway.
Carillion issued a profit warning on contracts worth £845m at 30 June 2017, of which £375m relates to public-private partnership projects in the UK. It said the contracts overall, which includes £470m in oversees contracts, could cost the business up to £150m primarily in 2017 and 2018.
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