Downer EDI names Qantas executive Grant Fenn as new CFO
By a staff reporter
Construction and engineering group Downer EDI Ltd has named Qantas Airways Ltd executive Grant Fenn as its new group chief financial officer.
Mr Fenn, currently executive general manager strategy and investments at Qantas, will take up the role on October 2.
Downer EDI shares closed 3.39 per cent weaker at $1.315 against a 2.05 per cent fall in the benchmark S&P/ASX 200 index.
“Grant’s appointment follows an extensive global search for a CFO to provide commercial leadership for the company through its next phase of development. We are extremely pleased that Grant has agreed to join Downer EDI at such an exciting stage in our development,” Downer EDI chairman Geoff Knox said.
Mr Knox said Mr Fenn was a very experienced finance and commercial executive, with an outstanding background in treasury, operational management and strategic development.
Mr Fenn's predecessor Peter Reichler will move into a new role with the company, provide commercial advice and support for major projects.
"I thank Peter for his significant contribution to Downer EDI during a challenging time in the Company’s history. Peter’s personal efforts have delivered considerable improvements in the management of the Group’s cashflows and the strengthening of our balance sheet during this time," Mr Knox said.
Mr Fenn said he was excited to be joining the company at what he viewed as a time of great opportunity, and the company was uniquely placed to deliver shareholder value into the future.
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