Transfield Services Limited‘s (ASX: TSE) chief executive of Australia & New Zealand Infrastructure, Nicholas Yates, is headed to BSA Limited (ASX: BSA). The two companies released simultaneous statements Tuesday, with Transfield noting that this move is a “further career progress” for the executive.
Mr. Yates has been employed with Transfield since the company acquired consulting firm APP seven years ago, and has held his chief executive post since January 2011. Transfield managing director and CEO Graeme Hunt thanked Mr. Yates for his work, wishing him all the best in his new role.
For BSA, Mr. Yates’ new appointment is the result of a “comprehensive search process,” following the resignation of its previous CEO and managing director on November 4. The company expects its newest appointee to assume his position in early March 2014.
Corporate executive switchups are a fairly normal occurrence, and this latest move is nothing to be alarmed about. For Transfield, Mr. Yates’ departure will simply have to be factored into the company’s larger review of its operating model, which it will publicly reveal in more detail during its half-year results on February 27.
For BSA Limited, the appointment finally fills in a loose cog in its corporate team. This should allow the company to focus on more important fundamentals in the months to come.
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Motley Fool contributor Justin Loiseau has no position in any stocks mentioned in this article. You can follow him on Twitter @TMFJLo.