Global engineering firm Austin Engineering Limited is moving its headquarters from Brisbane to Perth in a move that will see current CEO and Managing Director Peter Forsyth retire effective 31 July 2021.
Austin said the headquarters will be co-located with its largest Australian manufacturing facility at Kewdale, in Perth Western Australia, which provides an array of manufacturing, repair and support services to the mining, oil and gas, aluminium and industrial sectors.
“This move recognises the significance of the Western Australian and Asian operations, which are the largest contributor to the Company’s profit Perth,” it said in a statement.
“The relocation will also deliver cost savings and closer communication with our major customers.”
Austin also announced that ‘in conjunction with this decision’ current CEO and Managing Director Peter Forsyth will retire effective 31 July 2021, to be replaced by former Austal CEO David Singleton, who will act as interim CEO Post 1 August 2021, while the Board continues ‘to consider the best fit for the CEO role.
Austin Chairman Jim Walker thanked Mr Forsyth on behalf of the Board for his contribution over the last 4 and a half years.
“Peter has made an outstanding contribution to Austin, providing great leadership through what has been a challenging period for the Company and he leaves the Company well positioned for growth going forward,” Mr Walker said.
“Under his tenure, the Company comprehensively resolved well recognised balance sheet issues, and recommenced paying dividends.
“Peter has also been a steady hand to lead the Company through the initial very uncertain period of the COVID-19 pandemic, which did have a significant impact on our overseas operations. The Board is incredibly grateful for his enthusiasm and commitment over this time.
“We wish Peter all the very best in his future endeavours.”