Chairman Rodney Walker takes over dad to day running of the architect following profit warning as McColl moves to role of deputy chairman
Stewart McColl has stepped down as chief executive of SMC Group as part of a reorganisation of its management following last month’s profit warning.
Chairman Rodney Walker has become executive chairman and has taken over the day-to-day running of the business from chief executive Stewart McColl. McColl is now executive deputy chairman.
Walker said that as part of his new role he would be “reviewing all operational and managerial aspects of the SMC business.”
He said: “In the short term we will be focusing on realising operating efficiencies and organic growth. Following the changes that I anticipate implementing, I believe that the group will be well placed to maintain its position as a leading business in the fields of architecture and design.”
Analysts at Numis Securities said that Walker was taking steps to reassure investors that SMC has a strong management. Last month shares in SMC dropped one third after the company announced that full-year pre-tax profit for the year ending 31 December 2006 would be below market expectations.
The Numis analyst also believe that SMC will put its aggressive acquisition strategy on hold which saw it buy eight practices last year.