Monday 16th January 2017
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Downer EDI's New Zealand boss Cos Broyn will leave the Australian infrastructure and mining firm to take over the reins at privately held construction firm Fulton Hogan.
Broyn will immediately give up management duties at Downer and face a nine-month restraint period before he joins Fulton Hogan as group chief executive, Downer said in a statement. Steve Killeen, who is Downer's group executive manager of strategy and development, will act as chief executive.
Downer's revenue from the New Zealand and Pacific Island businesses edged up 2.6 percent to $1.3 billion in the year ended June 30, 2016, accounting for 19 percent of the group's sales.
Fulton Hogan head Nick Miller is scheduled to leave the civil construction company at the end of March, while the New Zealand firm's chairman Mike Holloway departed at the end of 2016 due to health issues.
Last September, Fulton Hogan reported an 11 percent increase in annual profit to $168.7 million for the June 2016 year as acquisitions including quarries in Auckland, Waikato and Wairarapa and a joint venture in Melbourne operating an asphalt plant, combined with the introduction of new systems and technology to widen the firm's margins.
While Downer has a listing on the NZX, most trading is in Australia where they closed at A$6.25 on Friday. Downer also has $200 million of perpetual preference shares issued by Works Finance listed on NZX's debt market. The securities pay a 6.29 percent coupon and last traded at $102.50 per $100 face value.
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