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Sat December 07 2019

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Veritiero’s Kier ascent comes to a halt

15 Nov A little over a year after his promotion to chief operating officer at Kier, Claudio Veritiero is leaving the company with immediate effect.

Claudio Veritiero
Claudio Veritiero

New chief executive Andrew Davies, who started work at Kier in April, is on a mission to deliver a headcount reduction of 1,200 by 30th June 2020.

Claudio Veritiero looks to be among casualties.

The son of a tiler, Mr Veritiero began his career in banking with Roschild before joining Speedy Hire as business development director in 2004, rising to COO in 2007 while still only 31 years old.

He joined Kier in 2011 as managing director of Kier Services, rising to corporate development director in 2014 and COO in August 2018.

Chief executive Andrew Davies is now scrapping the role of chief operating officer, with any work involved to be shared between Davies himself and chief financial officer Simon Kesteron.

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In a trading update to shareholders today Mr Davies said the job cuts were going according to plan and trading remained in line with expectations. IT and fleet management activities are being outsourced and Tempsford Hall in Bedfordshire, Kier’s home since 1964, is being sold. The Foley Street office in London is also going.

Chief executive Andrew Davies said: "We continue to build the foundations for the future of the group through the execution of our strategic priorities. Our core businesses are performing in line with our expectations and we continue to win work from a number of our major clients, whilst significantly reducing the group's overheads and costs."

The sale of Kier Living, the house-building division, is making progress, he also said.

Meanwhile the company is also looking for a new chair; Philip Cox handed in his notice in September.

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