Interserve ‘Fit for Growth’ director leaves amid shareholder unrest
Interserve has announced the departure of executive director Dougie Sutherland a week after a shareholder demanded the removal of a number of Board members.
Mr Sutherland, who was managing director of the company’s development division, will be leaving the executive team on February 28 and step down from the Board of directors with immediate effect.
He played a key role in the ‘Fit for Growth’ business transformation programme integrating the developments business into support services, the integration of the UK and international construction businesses and the sale of a number of investments and businesses.
Glyn Barker, chairman of Interserve plc, said: “Dougie joined the Board of Directors in January 2011. I would like to thank Dougie for his dedication to Interserve and especially his recent contribution to our business transformation programme ‘Fit for Growth’ integrating the Developments business into Support Services, the integration of the UK and International Construction businesses and the sale of a number of investments and businesses.”
Last week, as Interserve secured a debt for equity rescue deal, a major shareholder issued a Requisition Notice which proposed that Mr Sutherland and seven other directors be removed from the company.
New York hedge fund Coltrane, which holds over 5% in the group, did not seek the removal of CEO Debbie White.
Ms White said: “I would like to thank Dougie for his contribution to Interserve over the last 12 years and particularly for his support during the last 18 months, during which time he has led a range of initiatives and changes which will contribute to our future success.”
Dougie Sutherland added: “I have enjoyed working for Interserve and while I am leaving the company I am pleased to have contributed to the ‘Fit for Growth’ programme which I am sure will be a foundation for the future success of the company.”