Head of Canadian construction firm Aecon stepping down after earnings miss
Current executive chairman and former CEO John Beck to serve as interim chief as company recruits new CEO
TORONTO—Toronto-based engineering and construction firm Aecon Group Inc. has announced its president and CEO Terrance McKibbon is stepping down.
The development comes approximately two weeks after the company posted its third quarter results Nov. 1, which missed analyst earnings expectations and sent shares tumbling more than 20 per cent over the next several days—though the company did not say the two events were related.
Announcing the change Nov. 14, the company said executive chairman and former CEO John Beck will take over as the company’s interim chief while the board recruits a new CEO.
“After a long and highly successful career at Aecon, we wish Teri all the best in his future endeavours,” Beck said in a statement. “On behalf of the entire Aecon team, and its Board of Directors, I would like to extend our gratitude for Teri’s contributions to the development of the company for the last 20 years.”
The company did not disclose the reason for McKibbon’s departure. He took the reins at the Toronto-headquartered construction firm in June of 2014 after serving as COO since 2011.
Aecon shares were down about five per cent in late morning trading after the announcement Nov. 14.