Reuters: Regulatory News: SNC-Lavalin appoints Robert Card as new CEO

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SNC-Lavalin appoints Robert Card as new CEO Aug 10th 2012, 22:19 Fri Aug 10, 2012 6:19pm EDT Aug 10 (Reuters) - Canadian construction and engineering company SNC-Lavalin, caught up in allegations of improper payments, named Robert Card as its new chief executive. Card's appointment will be effective Oct. 1, the company said. Card has nearly 40 years of experience in the infrastructure and the energy sectors and has served as the under secretary to the U.S. Department of Energy, the company said. Former CEO Pierre Duhaime stepped down in March after an internal investigation found he had broken company rules by authorizing $56 million in mysterious payments. The company said in early August massive project cost overruns had led a sharp drop in its quarterly profit and forced it to cut its outlook. SNC-Lavalin's shares closed at C$37.50 on Friday on the Toronto Stock Exchange.

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