CARILLION finance chief Richard Adam has resigned from logistics firm Wincanton’s board after just three months in the job.
His departure from Wincanton emerged less than a month after Balfour Beatty and Carillion halted their month-long discussions over a possible £3bn merger. The deal disintegrated amid bitter recriminations over a last-minute U-turn by the Carillion management, the FT reports.
During earlier merger discussions, Adam, a former KPMG auditor, had been teed up for the finance director role of the merged company. Balfour has been without a chief executive since Andrew McNaughton left in May following a trio of profit warnings in just 18 months.
But the thorny issue of whether to retain or sell Parsons Brinckerhoff, the US consulting operation that eventually Balfour divested itself off for £820m three weeks ago, having rejected Carillion’s third all-share offer weeks earlier, proved to be the final straw.
Discussions with Carillion – had they come to fruition – would have given birth to an 80,000-strong construction firm.
Adam is ex-group finance director of Associated British Ports Holdings.