Architect's founder and deputy chairman resigns following profit warning and internal review
Stewart McColl, the founder of architect SMC and current deputy chairman, has resigned from the board and left the company.
McColl, who was previously the company’s chief executive, has left the company following an internal review into the architect’s profitability. Gordon Watson has also stepped down from the board, but will continue working at the company.
SMC, which issued a profit warning last week, said in a statement to the stock exchange this morning that it may close offices or integrate some parts of the business to address overheads.
In a statement, the company said: “The review provided a series of recommendations to improve the profitability of the group including the way the group approaches the winning and execution of projects, the management structure, resourcing and the cost base of some business units."
"The board has approved decisive action by agreeing to implement the recommendations of the review immediately.”