Arcadis Chief Executive Steps Down

Arcadis Chief Executive Steps Down

Arcadis has announced that Neil McArthur, Chief Executive since May 2012, is to leave the firm by mutual agreement.

The Arcadis supervisory board and McArthur agreed to a separation due to a difference of opinion over the future direction of Arcadis.

The board will now begin the search for a new chief executive, while Renier Vree, currently Arcadis chief finance officer, will serve as chief executive on an interim basis with immediate effect.

Arcadis has also stated that it had suffered a challenging third quarter caused by weakness in emerging markets and the sharp fall in Sterling.

This resulted in the compnay’s operating income falling by 34% to €43m, missing market forecasts. In the UK, which accounts for 17% of the company’s overall revenue, Arcadis suffered a fall in turnover, primarily as a result of a 9% currency effect.

Net revenues grew organically at 3% because of improved growth in infrastructure and water, however buildings revenue fell as a result of Brexit-related delays in clients’ investment decisions.

Signalling further changes to come at Arcadis, interim chief executive Renier Vree commented: “We will continue to focus on winning work with our clients and cash collection. Furthermore we will step up the pace in aligning our cost structure to the new market realities and simplify the organisation. The strategy process remains ongoing and we will disclose our strategy update at the beginning of 2017.”

Commenting on his decision to step down as chief executive, Neil McArthur said: “I am proud of what we have achieved as a company over the past five years. Together, we have expanded our core business organically and through acquisitions, going from a €2bn 15,000 people organisation in 2012, to a €3.4bn global multinational with 27,000 people under a single global brand, with a collaborative structure and culture. Now it’s time for someone else to lead Arcadis through the next stage of our journey. I have no doubt that our people will continue to deliver exceptional and sustainable client solutions, and improve quality of life across the globe.”

Arcadis Chief Executive Steps Down
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Arcadis Chief Executive Steps Down

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Arcadis Chief Executive Steps Down
BDC 281. June 2021

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Arcadis Chief Executive Steps Down