London-based Amec Foster Wheeler plc has begun headhunting for a new CEO following the immediate resignation on Jan. 18 of Samir Brikho, who had served nine years in the role and engineered the 2014 deal that linked engineer-constructors Amec and Foster Wheeler into what was then an $8.6-billion global giant.
Like other energy sector firms, however, Amec Foster Wheeler has suffered from tumbling global oil prices. Its share value fell by nearly 50% after Brikho announced a cut in dividend payment by half last November, its lowest in five years, and a lowered profit forecast. He blamed reduced orders and increased pressure on bid prices with “no sign of these trends changing."