Construction firm outlines CEO succession plan, reports $62.2 million profit
MONTREAL—WSP Global Inc. says it will be getting a new CEO as part of a management transition that follows more than a year of rapid growth through acquisitions.
The Montreal-based engineering and construction company says its current CEO, Pierre Shoiry, will step aside to become vice-chairman of WSP’s board of directors.
He will be succeeded by the company’s current chief financial officer, Alexandre L’Heureux, once a new CFO is hired from outside.
“I am both humbled and honoured to have the opportunity to lead WSP in the next phase of its evolution,” L’Heureux said in a statement. “I firmly believe in the strength of our organization and in the future of our industry. We have a clear strategy and a successful business model, and I intend to remain true to our entrepreneurial philosophy.”
The transition was announced as WSP issued its latest financial report.
It had $188.8 million of net income for the 12 months ended Dec. 31, including $14.7 million or 15 cents per share in the fourth quarter.
In 2014, WSP had a full-year net profit of $62.2 million including a fourth-quarter loss of $7.9 million or 10 cents per share.
Revenue increased to $6.06 billion last year, including $1.25 billion in the fourth quarter, up from $2.3 billion in 2014 including $858.8 million in that year’s fourth quarter.
Most of the increase was due to acquisitions.