Posted September 15, 2018 05:04:51 In the midst of a massive overhaul of SNC and its board, one thing is certain: a slew of changes is coming.
A new board, including new CEO and president, has already been named.
But how will that change the company’s core business?
SNC says it will continue to innovate, but in the process will focus on “continuing to deliver our most effective, sustainable and sustainable growth”.
The company has announced it is cutting 5,000 jobs and is planning to cut costs in order to achieve this.
“The impact on our employees will be felt first and foremost over the next several months,” said Chief Executive Officer John McAfee.
“We believe that our commitment to delivering value to shareholders and employees, coupled with the changes to our business, are the right moves to ensure our long-term sustainability.”
The company says it has already started planning for the next few years.
The CEO is expected to begin his tenure on August 29.
SNC has said it is looking at the “consequences of the new operating environment” for its future and is preparing a “strategic plan” for the “future”.
“We look forward to the leadership of John McAllister as we make these difficult decisions in the coming months,” Mr McAfee said.
The SNC chief executive is set to make his first public appearance since he was appointed on September 2.
The company is expected on Friday to unveil the latest in its restructuring plan.
Sinc CEO John McAdoo has been in charge of the SNC Group since September, and he has overseen the company as it has rolled out its turnaround.
Mr McAdo has been widely seen as a potential successor to Mr McAlloo and has had an impressive run of successes in the face of challenges.
However, he has also been embroiled in controversy for several years and has been embroiled with the Sinc board.
A number of high-profile cases have brought the company into disrepute, with the company being accused of failing to adequately protect its workers and their families.
The most recent scandal involved allegations that SNC breached the safety and wellbeing of its employees by allowing an infected employee to work on its machines.
The group has also faced pressure from a number of other companies, including IBM, which said it would stop investing in the Scent of the World business and sell off the company.
The latest scandal came just days after the company announced it was slashing its workforce by 20 per cent.
Mr Kwon said he is looking forward to a “cooperative and collaborative working environment”.
The Scent group has been under scrutiny since Mr McAdam came to the top of the company, as he has faced questions about his relationship with a former SNC executive who resigned over a sexual harassment allegation.
The allegations were investigated by the Securities and Exchange Commission and were referred to the US attorney’s office for criminal prosecution.
Mr Cavanagh was previously SNC’s CFO and was named SNC CEO on September 10.
The new CEO will be the first time a SNC board member has held the post since 2011.