- Verbrec (VBC) appoints Mark Read as its newest CEO, replacing Linton Burns, whose three-year contract expires towards the end of September
- Mr Read has more than 30 years of experience working for publicly-listed and privately-held engineering service companies across the globe
- VBC Chairman Phillip Campbell says Mr Read’s experience and expertise were deciding factors in his appointment
- The outgoing Mr Burns will serve out his remaining term of employment supporting the leadership transition and finalising projects
- Verbrec shares close 3.7 per cent higher at 14 cents on Monday afternoon
Engineering services company Verbrec (VBC) has appointed Mark Read as its newest CEO, effective on March 13, 2023.
He replaces Linton Burns, who last year announced his retirement from the roles of CEO and Managing Director.
Mr Read has more than 30 years of experience working for publicly-listed and privately-held engineering service companies across the globe.
Verbrec said Mr Read had a “proven track record” of leadership, management and change management of technical services and project delivery organisations.
VBC Chairman Phillip Campbell said Mr Read’s experience and expertise were deciding factors in his appointment.
“Mark’s breadth of experience across a wide range of engineering activities including design, D&C, EPC and EPCM, as well as operations and maintenance of plants, was decisive,” Mr Campbell said.
“Mark possesses strong and proven executive leadership and management skills that have seen him achieve outstanding results in national and international engineering service enterprises.”
In the past, Mr Read has had success in establishing, transforming, acquiring, and growing businesses to improve profitability and achieve sustained growth.
Mr Read said he was excited by the opportunity to take the reigns at Verbrec.
“I am honoured to have been selected to take over the helm of a company with the capability and heritage of Verbrec at such an opportune time,” he said.
The company also praised Mr Burns’ efforts for his time in charge.
“Linton, along with his executive team, have done an exceptional job implementing a new ERP across the merged entities, forging a new brand and identity, transforming the business via two bolt-on acquisitions, improving underlying profitability and finalising the three loss-making legacy projects,” Mr Campbell said.
With Mr Burns’ retirement slated for September 27 2023, he will serve out his contractual employment supporting the leadership transition and finalising projects.
Verbrec shares closed 3.7 per cent higher at 14 cents on Monday afternoon.