Wednesday, British engineering company Weir Group Plc (WEIR.L) announced the appointment of Keith Cochrane, current Finance Director, as its Chief Executive Officer with effect from November 2, replacing Mark Selway, who intends to step down from the role on the same day. The company noted that Selway, an Australian, would leave the company on December 31, and would become Chief Executive Officer of Boral Limited, an Australia-based building and construction materials supplier.
Weir Group added that its Board has commissioned a search for a new Group Finance Director, and that it will consider both internal and external candidates.
In a separate statement, Boral Limited announced Wednesday the appointment of Selway as its next Chief Executive Officer, effective from January 1, 2010. Selway would replace Rod Pearse, who announced earlier this year that he would be retiring at the end of December 2009 after 10 years in the lead role.
Boral noted that since Selway joined Weir, the business has been transformed into a highly focused industry leader in the design, supply and service of engineered equipment for the oil & gas, mining and power & industrial sectors. Selway has worked in the UK for more than 13 years and prior to that, was based in the USA for seven years in the North American automotive market.
The Chairman of Boral Limited, Dr Ken Moss, said, "In his new role, Mark will be supported by a committed management team at Boral. He will work with Rod Pearse and the rest of the team to ensure a smooth and seamless transition.
Weir Group's newly appointed CEO, Cochrane, joined Weir in 2006 from ScottishPower Plc, where he was group director of finance and before that he was finance director and then chief executive of Stagecoach Group Plc (SGC.L). Among recent management changes, Weir Group in April appointed Richard Menell to the Board as a non-executive director. Menell is chairman of Bateman Engineering and is a director of the Standard Bank Group, Gold Fields Limited and Mutual & Federal Insurance Co. Meanwhile, in March, Steve Noon took over as divisional managing director of its Oil & Gas Division, replacing Stephen Bird, who left the company to become Chief Executive of Vitec Group plc.
On the financial front, Weir Group, with annual sales of GBP 1.5 billion and over 9,000 employees with operations in 42 countries, in August said that its the board is confident in achieving the upper end of previously given range of management guidance for full-year profit before tax, intangibles amortisation and exceptional items, of GBP 140 million to GBP 169 million, despite weaker markets.
In its first half of the current fiscal year, the company's pre-tax profit from continuing operations increased to GBP 82.9 million from GBP 75.1 million in the previous year. Adjusted profit before tax was up 12% to GBP 91.4 million from GBP 81.8 million in the prior year. Meanwhile, after-tax profit for the period plummeted to GBP 59.8 million from GBP 108.5 million last year, and earnings per share dropped to 28.1 pence from 51.2 pence, while adjusted earnings per share rose 13% to 31.2 pence from 27.5 pence in 2008. Revenue for the six-month period grew 12% to £709.8 million from £631.7 million in the comparable period.
WEIR.L is currently trading at 685.00 pence on the London Stock Exchange, down 13.00 pence or 1.86%, on a volume of 1.5 million shares.
For comments and feedback contact: editorial@rttnews.com
May 22, 2026 14:46 ET Minutes of the latest Fed policy session was the highlight of the week along with survey data on the U.S. housing market. In Europe, survey data signaled the trends in the euro area private sector. Further, consumer price inflation data from the U.K. was in focus. In Asia, various economic indicators from China drew attention to the health of the economy.