Dougie Sutherland to Leave Interserve
Interserve has announced Dougie Sutherland, the managing director of its Developments Division has stepped down from its Board of Directors with immediate effect and will be leaving the group on 28th.
Sutherland joined the construction and facility services outsourcer in January 2011.
Following the approval of a debt-for-equity swap to reduce an estimated debt pile of more than £600 million earlier this month, and calls for sweeping changes to Interserve's board from the New York and Cayman Islands-based hedge fund, Coltrane, which holds more than 5 per cent of the company's shares, a cull of senior executives was widely anticipated.
Discussing the announcement, Interserve chairman, Glyn Barker, said:
"I would like to thank Dougie for his dedication to Interserve and especially his recent contribution to our business transformation programme 'Fit for Growth' integrating the Developments business into Support Services, the integration of the UK and International Construction businesses and the sale of a number of investments and businesses."
Debbie White, Interserve CEO, said:
"I would like to thank Dougie for his contribution to Interserve over the last 12 years and particularly for his support during the last 18 months, during which time he has led a range of initiatives and changes which will contribute to our future success."