Board changes at WYG as ‘challenging trading’ continues
ENGINEERING and design group White Young Green (WYG) today said it remained cautious about the future as it announced a number of board changes.
The Leeds-based group has appointed Mike McTighe as non-executive chairman and Graham Olver as group services director and company secretary.
The announcement comes as the group confirms that its lenders have once again deferred the covenant test date to the end of August while discussions to renegotiate its existing banking facilities continue.
In its last year-end statement made earlier this month WYG said that challenging trading had continued into the new financial year and it remains cautious about the trading outlook.
A further deferral is expected to be requested.
Mr McTighe is currently chairman of set-top box manufacturer Pace and the Volex Group. He is also an Ofcom board member and chairman of a number of private firms.
He was previously chairman and chief executive of I International. Prior to those roles he was executive director and chief executive of global operations at Cable & Wireless.
McTighe will take over the role from Brian Duckworth, who stepped in back in March after Peter Wood resigned for personal and family reasons.
Mr Duckworth will leave the board in August following Mr McTighe’s appointment.
Mr Olver was formerly commercial and operations director at Skanska Infrastructure Development. Prior to that he worked with Thames Water and ALSTOM in commercial and legal roles.
Meanwhile, John Richardson, who is currently non-executive director and chairman of the audit committee, will not be seeking re-election and will step down accordingly after 12 years of service.
Robert Barr is now senior independent director and the search has started for two new non-executives directors.
The board changes come after WYG recently announced it had signed a €4.9m (£4.1m) contract to support the European Commission to deliver a three year regional development programme in Serbia.
The business has undergone a period of extensive restructuring and its chief executive Paul Hamer has said that part of the firm’s “getting back to basics” is looking abroad for growth.
