Aggreko PLC ORGANISATION UPDATE AND BOARD CHANGES (7545Q)

TIDMAGK

RNS Number : 7545Q

Aggreko PLC

22 June 2015

22 June 2015

Aggreko plc

ORGANISATION UPDATE AND BOARD CHANGES

Aggreko plc is today announcing organisational changes in advance of setting out our business priorities on 6 August 2015. These changes will be effective from 1 August 2015.

At our preliminary results in March a review of business priorities was announced by new Chief Executive, Chris Weston. Since then the executive team has undertaken a comprehensive analysis with the objective of understanding the changes in the dynamics of Aggreko's markets, its customers and their needs. The purpose of the review is to identify the key growth drivers for Aggreko and determine ways we can improve our operational efficiency and effectiveness; the output of this work is a set of core business priorities for the next growth phase of Aggreko, which will be announced on 6 August 2015.

The need for a new organisational structure has been identified and the Board has decided to announce this now so that the relevant internal organisational changes can be implemented straight away. In order to better address our markets and improve operational efficiency, the Group will move from the current regional structure to operate as two business units: Aggreko Rental Solutions; and Aggreko Power Solutions. Aggreko Rental Solutions will incorporate our Local businesses in developed markets[1]. Aggreko Power Solutions will include our existing Power Projects business and our Local businesses in developing markets[2].

The new organisational structure results in some key management changes. Asterios Satrazemis, currently Regional Director for Americas and who has been with Aggreko in various senior roles for the last 7 years, will become President of the Rental Solutions business based in the US. The Power Solutions business will be run by Chris Weston on an interim basis while a search process is underway to identify a permanent leader. Debajit Das, currently Regional Director for Asia Pacific and David Taylor-Smith, currently Regional Director for EMEA will remain with the Group for a period of time in order to assist with the transition and will step down from the Board in due course.

At the time of our interim results on 6 August 2015, in addition to communicating our business priorities, we will provide historic financial data under the new structure.

Chris Weston, Chief Executive, said:

"In recent months we have been conducting a review into our business priorities and I look forward to sharing the output of this review on August 6th. As part of this process, we have taken the decision to reorganise the business to be as efficient and as effective as we can be for our customers and our markets."

"I would like to congratulate Asterios on his new appointment and thank David and Debajit for their significant contribution to Aggreko over a number of years, and to personally thank them for the support they have provided since I joined the Group in January. We wish them both every success for the future."

Enquiries

 
 Investors & Analysts 
 Louise Bryant, Aggreko plc             [phone] 
 
   Media 
 John Sunnucks / Lorna Cobbett, Bell 
  Pottinger                             [phone] 
 

Notes to Editors

Aggreko is currently structured as three regions: Americas, Asia Pacific and Europe, Middle East and Africa.

[1] North America, Europe and Australia Pacific

[2] Latin America, Africa, Middle East, Russia and Caspian and Asia

This information is provided by RNS

The company news service from the London Stock Exchange

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