Reuters: Hot Stocks: UPDATE 1-Morgan Sindall CEO steps down after profit warning

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UPDATE 1-Morgan Sindall CEO steps down after profit warning Nov 6th 2012, 09:48 Tue Nov 6, 2012 4:48am EST * Says will miss 2012 trading forecast * Announces immediate board reshuffle, operational changes * Shares down 7 percent By Stephen Mangan LONDON, Nov 6 (Reuters) - British construction group Morgan Sindall said it would miss its full-year trading forecast because of tough markets and that chief executive Paul Smith had resigned. Executive chairman John Morgan will return to the position of CEO as part of a boardroom reshuffle that will see senior independent director Adrian Martin become non-executive chairman. Morgan Sindall also said on Tuesday it was facing a 10 million pound ($16 million) restructuring charge this year, including office closures and a redundancy programme as it aims to make 55 million pounds annual savings. Market deterioration had hit the short-term outlook into 2013, and the company is continuing to be highly selective when bidding for new work, it said. Morgan was CEO from 1994-2000 before becoming executive chairman in 2000 and handing over to Paul Smith. Morgan Sindall operates through five divisions of construction and infrastructure, affordable housing, fit out, urban regeneration and investments. Its construction business is being reorganised to focus delivery through regional hub offices, with a number of smaller regional offices being closed. Morgan Sindall shares were down 7.0 percent at 614 pence at 0935 GMT. Link this Share this Digg this Email Reprints

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