Henry Walker Eltin finally has it new CEO, the former CEO of...

Henry Walker Eltin finally has it new CEO, the former CEO of Transfield.

Hasnt seemed to help the share price to hold up in a down market though? Any followers have comments?

HENRY WALKER ELTIN GROUP LIMITED 2002-05-03 ASX-SIGNAL-G

HOMEX - Adelaide

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Henry Walker Eltin advises that Mr Bruce James has been appointed to
the position of Chief Executive Officer and Managing Director of the
company.

Mr James comes to the position from Transfield Construction, where he
has held the position of Chief Executive Officer since 1999.

Transfield Construction is the foundation business of the Transfield
Group and one of Australia's largest engineering and construction
companies with operations in Australia, New Zealand and South East
Asia.

Mr James has been employed at Transfield for 27 years, the last 10
years of which has included the performance of senior management
positions. Apart from Mr James' most recent position, these roles
have included Chief Executive Officer, Transfield Operations and
Maintenance; General Manager, Transfield Worley; and General Manager,
Transfield Construction, Southern States.

Henry Walker Eltin Chairman Mr Neville Walker said that the company
was delighted to have secured the services of an executive of Mr
James' calibre and experience to succeed outgoing CEO Richard Ryan.

"Bruce James brings to Henry Walker Eltin an admirable track record
in our core business of contracting, together with management skills
ideally suited to the company's current state of development.

"In particular, his career demonstrates his capacity to develop
successful sustainable businesses for example his role in leading
the formation and development of Transfield Maintenance Division
which was subsequently successfully floated as Transfield Services.

"His background in project management, and as the senior manager on a
diverse number of major projects such as the Transfield Worley joint
venture, means he will bring to the position a working knowledge of
the fundamentals of engineering and mining services."

Mr James will commence his appointment at Henry Walker Eltin
following the finalisation of his duties at Transfield. This is
expected to occur shortly.

Mr James has been appointed under a 5 year contract. The associated
remuneration package includes an options package which is subject to
the approval of shareholders. Mr Walker said the options package was
consistent with industry practice and reflected the desire of the
board to ensure the CEO remuneration package is aligned with the
objective of increasing shareholder value.

The option entitlements to be proposed include the granting of 1.2
million options exercisable after 3 years, and a further 2.8 million
options subject to share price performance hurdles.

Mr James is 49 years old and holds a Bachelor Degree in Civil
Engineering from Sydney University. He is a Board Member of the
Australian Constructors Association and a member of the Australian
Institute of Company Directors.

Mr Walker acknowledged the efforts of the departing Chief Executive
Officer, Richard Ryan. "The board also wishes to recognise Richard
Ryan's contribution to the company since his appointment in 1987.
Henry Walker Eltin has developed substantially during his tenure as
CEO and on behalf of shareholders I would like to record our
appreciation for Mr Ryan's efforts."

Further comment:

Neville Walker
CHAIRMAN
08 89431000