Samir Brikho, the CEO of UK-based engineering company Amec Foster Wheeler, has stepped down. The company has named its chief financial officer Ian McHoul as his interim replacement.
Brikhos resignation comes in the wake of a slump in the companys share price, after it halved its divided in November to around 29p a share.
Amec Foster Wheeler lost around a quarter of its market value on 5 November following the cut, which it blamed on reduced client spending due to low oil prices.
A source with knowledge of Amec Foster Wheelers operations said that operations in the Gulf region are expected to continue as normal, despite the leadership change and challenging market conditions.
Leadership changes always add to uncertainty, but no strategic shift is expected in the Gulf and the key projects Amec Foster Wheeler is involved with are expected to go ahead as planned, the source said.
Brikho was the architect of UK-based Amecs $3bn takeover of the Swiss-registered rival Foster Wheeler in the second half of 2014, when oil prices were above $100 a barrel.
The acquisition has put an increasing strain on Amec Foster Wheelers finances as oil prices have declined.
Brent crude fell below $28 a barrel on 18 January amid fears that the removal of western sanctions on Iran could worsen the existing global oil glut.
Brikho became the CEO of Amec in 2006,