Consultant also posts drop in third quarter profit and revenue, partly blamed on Brexit

Neil McArthur

Source: Jon Enoch

Arcadis chief executive Neil McArthur is leaving the consultant after clashing with the board over the future direction of the £3bn-turnover firm.

Renier Vree, chief financial officer at Arcadis, will replace McArthur temporarily until a permeant replacement is found.

In a statement Arcadis said McArthur (pictured) was leaving “by mutual agreement” after “a difference of opinion on Arcadis’ path moving forward”.

Arcadis will honour McArthur’s base salary for the year of €630,000 (£563,000).

The announcement came as Arcadis posted a drop in third quarter profit and revenue this morning, which it partly blamed on the UK’s vote for Brexit.

Underlying profit for the period dropped a third to €38.6m (£34.5m), down from €57.5m (£51.4m) the previous year. The firm blamed the Brexit vote and cost pressures.

Meanwhile, revenue dropped 7% to €797m (£712.3m), down from €854m (£763.3m), which it attributed to the weaker pound post-Brexit vote, continued difficult trading in Brazil and intense competition in North America.

Commenting on McArthur’s departure, Arcadis chairman Niek Hoek said: “Neil McArthur has provided Arcadis with excellent leadership since he became CEO in 2012.

“Neil and the Supervisory Board have agreed that it is the right time for a new leader to take Arcadis forward. We will begin a search internally and externally for a new CEO.”

McArthur said: “I am proud of what we have achieved as a company over the past five years.

“Now it’s time for someone else to lead Arcadis through the next stage of our journey. I have no doubt that our people will continue to deliver exceptional and sustainable client solutions, and improve quality of life across the globe.”