Kenny returns to AusGroup Ltd leadership

31 May 2011

• Mr Stuart Kenny appointed AusGroup Acting Chief Executive Officer (CEO)
• Seamless transition and Australia wide search for new CEO

The Board of AusGroup Limited (“AGL” or “AusGroup” or “the Group”) has appointed Stuart Kenny as acting Chief Executive Officer, effective 31 May 2011.

The move is a return to the leadership role for Mr Kenny who was Managing Director and CEO of the Group for four years until January 2008.  He has been a Non Executive Director since that time, contributing at a higher level to all aspects of the Group.

Mr Kenny’s appointment follows the departure of Mr John Sheridan who has held the role of CEO for just over three years.  During that period, he has overseen the introduction of new and rigorous systems and processes which will underpin AusGroup’s future growth and development.

AusGroup Chairman Dr Chew Kia Ngee said Mr Sheridan had been a very committed CEO who served the Group diligently during his tenure.

“We thank Mr Sheridan for his hard work over the past few years and wish him well as he pursues the next phase of his career,” said Dr Chew.

The announcement of Mr Sheridan’s departure clears the way for an Australia-wide search for a new AusGroup CEO to lead the Group at a time of significant opportunity.

“With so much of our activity focussed on the exceptionally strong resources sector in Western Australia where high commodity prices are fuelling investment in a number of large projects, we look forward to further growth opportunities for the Group,” said Dr Chew.

Based upon past records, Mr Kenny will provide sound leadership and continuity for the Group whose order book currently stands at $288 million.  This increase in the value of the order book follows the awarding of a $60 million contract by Karara Mining Limited for Early Works at its iron ore mine east of Geraldton in Western Australia earlier this year, and another $50 million contract from Chevron Australia for fabrication work for the Gorgon project – one of the world's largest natural gas projects and the largest single resource natural gas project in Australia’s history

About AusGroup

AusGroup provides manufacturing, construction and asset maintenance services to the mineral resources and oil and gas markets.  The Group’s growth is directly linked to activities around new project developments and project expansions as well as asset maintenance activities in these sectors.

It has strong exposure to the Western Australian natural resources sector, including iron ore, oil and gas, LNG and other mineral commodities.  In Singapore, the Group provides services to the upstream and downstream oil and gas and related sectors, through fabrication and manufacturing and access (scaffolding) services.

For more information:

Dr Chew Kia Ngee

Announcement of Cessation as Managing Director Chief Executive Officer and Director