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Emeco CEO Steps Down, New CEO & Executive Director Appointed

20 August 2015

Emeco Chair, Mr Alec Brennan, today announced changes in Emeco's management structure, which are aimed at supporting efforts to substantially reduce costs within the business and focus the business in the current market environment.

Emeco Chief Executive Officer, Ken Lewsey, has decided to step down. The current Emeco Chief Operating Officer, Mr Ian Testrow, will immediately assume the Managing Director and Chief Executive Officer role. Mr Testrow's role will encompass both CEO and COO activities.

Emeco's Chief Financial Officer, Mr Greg Hawkins, has been invited to join the Emeco board and will become Executive Director, Finance.

Mr Testrow will particularly focus his efforts on all customer facing parts of the Emeco business while Mr Hawkins will continue to cover the equity and debt market facing activities in addition to the other aspects of his finance role.

Mr Brennan commented, "On behalf of the board, I would like to acknowledge the significant contribution that Ken Lewsey has made during his time as CEO. The board asked Ken to refocus Emeco on its customers, review its strategy and, given the current circumstance in the mining services industry, significantly reduce costs. He has made a major contribution in all of these areas. In his work leading the Project Fit cost reduction initiative it became clear to Ken that further management downsizing was required and, accordingly, he has decided that it is now time for him to step down."

Ken has agreed to be available to assist the board in transition arrangements over the next few months.

The board looks forward to working closely with both Mr Testrow and Mr Hawkins in their new roles.

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