In a statement today, Laing O鈥橰ourke said that Ray O鈥橰ourke 鈥� who owns 65.2% of the business 鈥� will remain as chief executive officer (CEO).
Ray O鈥橰ourke will remain CEO for at least another two financial years, taking him until April 2024, by which time he will be 77 years old.
A year ago Seamus French, an executive from the mining company Anglo American, was unveiled as 75-year-old Ray O鈥橰ourke鈥檚 successor. He joined the company in January this year as managing director of its Europe Hub and CEO-designate, to take over as CEO in September.
However, September came and went and Ray O鈥橰ourke was still in post. It has now been decided that they will not be proceeding with their planned handover.
The board has decided that it was 鈥渋n the best interests of the business and its clients, given wider market conditions鈥� that Ray O鈥橰ourke stays in place. He will also take over Seamus French's role as Europe Hub managing director as well as group chief executive.
Laing O鈥橰ourke chair Sir John Parker said: 鈥淪ince signing off the group accounts for FY22, Seamus and Ray have been focussed on the challenges of completing a CEO leadership transition during a period of significant economic turbulence here in the UK. We have agreed to 鈥榟old formation鈥� and that Seamus will step down from his transitional role as Europe Managing Director with Ray remaining as CEO.鈥�
He added: 鈥淪eamus has brought great energy to the business in Europe since January and the board wishes to place on record our thanks to him and wish him well for the future.鈥�
Seamus French said that his time at Laing O鈥橰ourke had been 鈥渄ynamic and engaging鈥�. He said: 鈥淚 have thrown myself into this role and found the industry tough but exciting and have grown extremely fond of the 鈥榗an-do鈥� environment and personal engagement at Laing O鈥橰ourke.
鈥淗owever, my experience tells me it is better to allow the established team to flex and respond to the market at this time. I am available to assist the business in any way I can, and I am grateful to the people of Laing O'Rourke for their support during my time with the company.鈥�
In related moves, the board has brought forward the planned appointment of Ray鈥檚 son Cathal O鈥橰ourke as a non-executive director and named him chair of the Australia Hub, taking over that role from his father. And Australia Hub managing director Rebecca Hanley has now joined the group board.
Ray O鈥橰ourke said: 鈥淚 would like to thank Seamus for all his hard work and commitment to our business. I consider him to be a genuine friend and advocate for our efforts to make our industry more respected, rewarded, sustainable and inclusive.鈥�
鈥淚 am certain all Laing O鈥橰ourke鈥檚 people, particularly those in the European businesses who worked directly alongside him this year, will join me in thanking Seamus for his time with us and for the way he has prioritised our long-term success at every point.鈥�
The decision to postpone his retirement suggests that a planned stock marekt listing has been put on the back burner for the time being.聽
In August 2021 he told the Financial Times that he was looking for someone to take over from him running the company and would then sell up. 鈥淲e will float the company in a few years鈥� time,鈥� he said.
He has also previously said, in a 2017 interview with the Irish Independent: 鈥淚 think it's unlikely that an IPO would happen while I'm still chief executive.鈥�
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