Invensys 'saviour' to quit after three years
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Rick Haythornthwaite, the chief executive of Invensys, will on Friday announce that he is stepping down after spending more than three years trying to turn around the troubled engineering company.
Rick Haythornthwaite, the chief executive of Invensys, will on Friday announce that he is stepping down after spending more than three years trying to turn around the troubled engineering company.
He is expected to be replaced by chief operating officer Ulf Henriksson, who joined Invensys last year from Eaton Hydraulics, a US engineering company.
Mr Haythornthwaite has faced a struggle to turn around the one time FTSE 100 company. But the sale of 17 separate businesses and a £2.7bn debt refinancing has put the company on a stronger financial footing.
His departure will be announced at the company's full-year results. Analysts predict that Invensys will report earnings of between £164m to £184m on sales of around £2.9bn.
The company is also expected to announce that it has reduced its pension fund deficit to £585m from £596m that was reported at the last quarter's results. But Invensys will face questions about its Rail Systems division, which needs to secure new orders from Network Rail by the summer or face being restructured.
Mr Haythornthwaite made his name running the cement group Blue Circle, which was eventually sold to the French building materials company Lafarge. He had previously spent 20 years at BP.
Critics said that Mr Haythornthwaite underestimated the scale of the task ahead of him when he arrived at Invensys in October 2001.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments