MacMahon Holdings will shift into a cost-cutting phase, following the departure of managing director Ross Carroll.
Chairman Jim Walker took the reins last week after the sudden resignation of Carroll, and has announced to investors his intention to conduct a review of the business with a strong view to cutting overheads, The West Australian reported.
“We've still got a fair bit of cost in the business,” Walker told brokerage analysts.
“We are going to work very hard to get that cost structure down so that we can look after the businesses that we've got now and also be flexible enough too, if we do get some new business.”
Deputy Chairman Barry Cusack also resigned at the same time as Carroll.
MacMahon said they would not seek a replacement deputy chairman in order to reduce costs.
Walker said Carroll’s resignation was due to his own personal goals.
“There was a fair bit of work to be done and Ross thought it was best if he got out of the road to let us get on with it,” he said.
MacMahon’s share price has dropped to a new low, closing at $0.06 on Friday afternoon, with the company valued at $75.7 million.
Image: West Australian