Cardno announces CEO retirement and succession

BRISBANE, AUSTRALIA — The Board of Cardno Limited announced that Andrew Buckley, CEO and managing director, will retire from Cardno on March 1, 2014 and will be succeeded by Michael Renshaw, 42, currently executive general manager, International, Cardno Limited.

"It has been my privilege to lead Cardno and to contribute to the growth the company has achieved,” Buckley said. “I am also very proud of the commitment and achievements of all Cardno staff that I have worked with during my time with Cardno. However it is now time to pass the leadership on to the next generation to lead Cardno to what I am sure will be a strong and exciting future."

John Marlay, chairman, said, "Andrew Buckley has been a truly outstanding Chief Executive of Cardno for the past 16 years. Since Cardno’s initial listing on the Australian Securities Exchange in 2004, the company has increased its market capitalization from 30 million dollars to around one billion dollars, and employees from 250 to over 8,000. Since listing Cardno’s Net Profit after Tax has increased at a compound annual growth rate of 22.8 percent to the 2013 FY, and dividends have grown at a compound annual growth rate of over 14.8 percent, resulting in Cardno ranking amongst the leading ASX listed companies in terms of performance. In the same period Cardno has also grown from an Australian consulting services organization to an international business with operations in 85 countries and 290 offices worldwide. "Andrew leaves Cardno in a strong position as a leading professional services company offering its clients a diverse range of engineering and environmental advisory services."

Since commencing his employment with Cardno in 2003, Renshaw has overseen the company’s international growth and access to new markets in the United States and Canada, South America (including Ecuador, Peru, Colombia), Europe (including UK and Germany) and the Middle East. He has a degree in Business (Hons) from the Central Queensland University. He is also a graduate of the Harvard School of Business Advanced Management Program.

Marlay said: "As part of its succession process, the Board conducted an extensive external search and considered external as well as internal candidates. The Board believes that Michael Renshaw’s deep knowledge of Cardno’s business and his experience in developing Cardno’s North American operations from nothing in 2007 to a business that currently contributes approximately 50 percent of Cardno’s revenue, provides a strong foundation to lead Cardno’s continued growth. His international business experience is well suited to Cardno’s vision to become a world leader in the provision of professional services to improve the physical and social environment.

"The Cardno Board thanks Andrew Buckley for his significant contributions and successful leadership of Cardno, and wishes him well in his future endeavours. Andrew and Michael will immediately implement the transitional arrangements for Michael’s succession."