The interim chief executive gets to stay on in the top job after leading Gleeson through a major restructuring
Paul Wallwork has been confirmed as Gleeson’s chief executive after steering the contractor through a major restructure and reducing its debt by 85%.
Wallwork has been the contractor’s interim chief executive since July after Terry Massingham resigned. He has overseen the sale of its non-core businesses, including Gleeson Civil Engineering to Black and Veatch for £36m in October.
Chairman Dermot Gleeson said: “Paul has overseen much of the successful implementation of the revised corporate strategy announced in March 2006, which was principally designed to reduce the Group’s exposure to contracting in the construction sector and to strengthen its position in the three related areas of urban housing regeneration, commercial property development and strategic land trading.
"Following a search involving external consultants, we are confident that Paul is the correct choice to continue delivering the transformational change which our new strategic vision requires.”
Gleeson must now find a permanent finance director. The interim FD is Chris Holt.