SNC-Lavalin chair steps down
SNC-Lavalin announced a change in leadership on May 5.
Stepping down as chairman of the board is Kevin Lynch, the former Clerk of the Privy Council and Secretary to the Cabinet.
Lynch, who has held the role since January 2018, indicated he would officially leave his duties once the company has identified his successor. That process, says SNC-Lavalin, should be completed by September.
SNC-Lavalin has been dealing with the fallout from several controversies in recent months. Among them was a criminal charge of fraud relating to projects it managed in Libya. Since then, the board has focused on restoring its operations and reputation.
''During the last 12 months, we have made significant progress in each of these priorities,'' said Lynch.
Specific initiatives taken under Lynch’s direction include appointing new leaders—including president and CEO Ian Edwards—transforming the company’s strategic direction to focus on high-value engineering services while exiting lump-sum turnkey construction contracts, and appointing four new directors to its board.
''Having completed this key phase of the renewal of SNC-Lavalin, I believe the next stage in our renewal path is a total focus on the implementation of our new strategic direction, and in doing so, building a world-leading engineering services firm headquartered in Canada,'' said Lynch.
''This shift should include a new chair to help guide the implementation of the company's new direction during the coming years. The recent turbulence and uncertainty in the global economy because of the COVID-19 pandemic, and the need for the company to navigate its strategic transformation through this unprecedented situation, has reinforced in my mind that moving early in this transition is most appropriate.”
SNC-Lavalin is scheduled to release its first-quarter results and hold its annual meeting on May 7.