By Mark Kleinman, City Editor
The executive responsible for emerging markets at the FTSE-100 engineering services group Amec has quit, dealing a blow to the company the day before it announces half-year results to the City.
Sky News understands that Hisham Mahmoud, who only joined Amec in October 2010, has resigned and is in the process of negotiating his exit package.
The reasons for his departure are unclear but his resignation comes just ten months after Neil Bruce, Amec's chief operating officer, quit in frustration at an organisational shake-up of the company.
Amec is relatively little-known outside the sectors in which it operates but is one of Britain's most important industrial technology groups, servicing clients in the oil and gas, energy, mining and infrastructure industries. It counts BP, Shell, National Grid and the US Navy among its biggest customers.
Mr Mahmoud, group president for growth regions, had been responsible in recent months for Amec's global business in the Middle East, Africa, CIS, and Asia-Pacific, some of which are among the company's most important growth markets.
Among the major contract wins he had overseen was the construction of what will become the Middle East's largest oil refinery, situated in Kuwait.
His resignation is expected to be confirmed alongside Amec's interim results on Friday, although he is understood to have handed in his notice last week.
Analysts at Credit Suisse expect Amec to report pre-tax profit for the first half of £160m but said:
"We remain positive on Amec, but unless 1H results surprise significantly to the upside we feel the shares may trade sideways in the near-term."
The company has set itself a target of doubling earnings per share between 2010 and 2015 although a fall in margins last year led some analysts to question whether its growth momentum could be sustained.
Amec declined to comment.
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