The Chairman of Clough Limited, Mr Keith Spence, says that Chief Executive Officer, Mr John Smith, has advised the Board that he will be retiring from Clough around the fourth anniversary of his tenure, in August 2011.

Clough has commenced an internal and external search for the company’s next Chief Executive Officer.

In making the decision to retire from Clough, Mr Smith said he wanted to give the Company’s Board sufficient notice to enable a smooth transition for the new CEO. The process to select and appoint John Smith’s successor is expected to take several months and the Board anticipates an orderly handover to take place around 30 June 2011.

John Smith was appointed Clough’s Chief Executive Officer in May 2007, taking up the role on 1 August 2007. During his tenure Mr Smith has been instrumental in guiding the company through turbulent times to achieve three and a half years of improved performance.

"John leaves Clough in excellent shape with a strong balance sheet. Our order book is strong and Clough has formed several strategic alliances and new companies. Thanks to John the company is poised for its next phase of growth" said Mr Spence.

"Under John Smith’s leadership, the capability of the company has been significantly enhanced and we have an experienced senior management team in place. On behalf of the Board, I would like to thank John for his strong contribution and wish him and his family well for the future."

Tags: Clough Limited