The CEO and managing director of major Australian engineering company Austin Engineering has resigned forcing a reshuffle.

The incoming interim CEO will be on a package worth more than the equivalent of $1 million/year.

The Brisbane headquartered company advised the asx today that the move had been brought forward from 31 July 2021.

“After mutual consultation, the Board and Mr Peter Forsyth have determined to bring forward the handover date for the Company’s principal leadership function to be based in Perth,” the statement said. 

“As previously advised, David Singleton (current Non-Executive Director) will act as interim CEO post Mr Forysth’s retirement.” 

“The Strategic Review to identify significant organic and inorganic growth opportunities remains underway, undertaken by interim CEO David Singleton. 

The company announced an impending ‘CEO transition’ to the ASX mid-last month. 

The Board will continue to consider the best fit for the CEO role, in conjunction with the outcomes of the Strategic Review, the company told the ASX.

“The Board of Austin again thanks Mr Peter Forsyth for his service and commitment to Austin, and repeats the comments previously made in respect to his outstanding contribution to Austin, and his provision of great leadership through what had been a challenging period for the Company.” 

“Details of the remuneration arrangements for the former Managing Director & CEO remain unchanged from the 17 May announcement.”

In addition to standard ongoing remuneration as a Director, Mr Singleton will receive a daily rate of $4,000, superannuation included, while acting as Interim CEO. This cash payment will be the only remuneration, with no leave entitlements, long term or short-term incentives etc accruing. 

The company has operations around Australia as well as in Asia, North and South America with two key engineering hubs operating from Perth, Australia and Casper, Wyoming USA, with strategic partnerships and representation in Africa, Brazil and Eastern Europe.