黑洞社区

The question of who would succeed Ray O鈥橰ourke has been on the agenda since the mid-2000s.

O鈥橰ourke has said so himself. He鈥檚 previously admitted the firm has been talking about a plan since then but a string of would-be replacements have come and gone, notably Tony Douglas, the charismatic former boss of Heathrow Airport, now running Etihad Airways, and Paul Sheffield, a former chief executive of Kier, who left O鈥橰ourke after three years in 2017.

>> Ray O鈥橰ourke set to be replaced at Laing O鈥橰ourke by Anglo American boss

Former Laing O鈥橰ourke chief executive Anna Stewart passed away in 2017, aged 53, after a long battle with illness.

But for many, there has been no real succession plan because the theory has always been that O鈥橰ourke can鈥檛 let go.

As recently as December 2019, he told 黑洞社区: 鈥淚f you are asking me the question, am I leaving soon: I hope not. I鈥檓 really enjoying what I鈥檓 doing and I have a wonderful team of young people around me.鈥�

Some will wonder whether a new man of the experience of Seamus French quite needs eight or nine months as a CEO-designate, given he has already spent 18 months at the firm as a non-executive, and critics will point out this is more evidence of O鈥橰ourke鈥檚 reluctance to say goodbye. One chief executive 黑洞社区 spoke to said a week was enough time for a handover.

But bringing in French, a member of Anglo American鈥檚 executive management committee, and convincing him to take up a role at a much smaller firm (no doubt on a hefty salary and with the promise of more if he does a good job getting it ready ahead of any possible float) does seem different this time.

> Also read: Laing O鈥橰ourke fires the starting gun on race to replace Ray O鈥橰ourke

For starter鈥檚, the news was delivered by Laing O鈥橰ourke chairman Sir John Parker, not a quote from the departing chief executive anywhere to be seen. It is more evidence, then, the firm is trying to move away from one single dominant personality and broaden its appeal to City investors. 鈥淧arker is a very, very sensible guy. They鈥檙e lucky to have him,鈥� one boss said.

Of course, many will point out that O鈥橰ourke and brother Des remain the two shareholders. 鈥淩ay still owns it, so he鈥檒l call the shots,鈥� another source told 黑洞社区.

But if it is to float, would-be investors want to see evidence of a professionally run firm and less of the family鈥檚 involvement. To this end, O鈥橰ourke鈥檚 son, Cathal, and daughter, C茅ire, have both seen their roles reduced. Parker, a FTSE100 veteran, started that ball rolling when he joined four years ago and the arrival last year of Rowan Baker as chief financial officer from housebuilder McCarthy & Stone, where she was lauded for her work helping the business to float in 2015, reinforced the impression that it was getting more serious about its corporate governance.

O鈥橰ourke鈥檚 deal in 2001 to buy Laing Construction for 拢1 鈥� it is worth remembering that parent John Laing initially expected the division to fetch around 拢100m when it was put up for sale 21 years ago this month 鈥� is for some the biggest construction event of the past couple of decades. Only Carillion going bust and Mace being confirmed to build the Shard can perhaps rival it.

The man who masterminded the latter is also going. Steve Pycroft, more than 11 years O鈥橰ourke鈥檚 junior, leaves the firm he helped create next month. He reckons he鈥檚 not enjoying it as much as he used to and he鈥檚 a bit of a dinosaur. He joked recently that he would have to look up in a dictionary what 鈥榗orporate governance鈥� meant.

Big personalities both, Pycroft and O鈥橰ourke have defined their businesses with one single, game-changing deal 鈥� Pycroft鈥檚 to build the Shard, O鈥橰ourke鈥檚 to buy Laing 鈥� and both will be gone within months of each other. It will be strange, that much is sure.