January 23, 2020 / 8:11 AM / 2 months ago

UPDATE 1-John Laing Group CEO resigns to rejoin France's Veolia

(Adds details on CEO, background)

Jan 23 (Reuters) - Infrastructure firm John Laing Group Plc said on Thursday Chief Executive Officer Olivier Brousse will step down from the position after nearly six years to return to French water and waste group Veolia.

Brousse, who was responsible for taking John Laing public five years ago, is resigning to take up a senior role in Veolia, where he previously served as CEO of its transportation business in the United States, the company said.

Under Brousse, John Laing’s shares have more than doubled in value since their IPO in February 2015.

However, its stock recorded its worst day ever last month after the company warned of difficult times ahead as a decline in power price forecasts was expected to hurt its net asset value, which it forecast below market expectations.

The warning came just months after its first-half profit slumped 80% due to writedowns of some assets in Australia and Europe.

The British company said it was in the process of searching for a new CEO and that Brousse will remain in the role to help with the transition.

Veolia was not immediately available for Reuters’ request for comment. (Reporting by Yadarisa Shabong in Bengaluru; Editing by Anil D’Silva)

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