Australia's Downer appoints new finance chief amid regulatory woes (updated)

G8 Education

27/03/2023 23:52

(Updates with details, background)
       March 28 (Reuters) - Australian contractor Downer EDI
Ltd  DOW.AX  said on Tuesday Malcolm Ashcroft will become its
chief financial officer from July, after Michael Ferguson
earlier this month decided to step down.
    Ferguson's exit was followed by the resignation of Chairman
Mark Chellew as the company faces a public inquiry initiated by
the New South Wales corruption watchdog. 
    The regulator is investigating allegations that certain
Downer employees obtained personal benefits by favouring
subcontractors for contracts awarded by the transport
department.
    Ashcroft has previously served as the finance head of local
peer Healius  HLS.AX  and is currently the chief operating
officer at G8 Education  GEM.AX , Downer said.
    Downer has also reported accounting irregularities in its
utilities business. 

 (Reporting by Rishav Chatterjee in Bengaluru; Editing by Sriraj
Kalluvila)
 ((Rishav.Chatterjee@thomsonreuters.com;))