On Monday Fairfax Media reported that Rowe would be replaced by company director Kate Spargo at UGL's annual general meeting this October.
It cited a lack of investors’ faith in Rowe’s management over the past year, especially regarding the potential sale or demerger of UGL’s property arm DTZ.
But the engineering and property firm was quick to inform the share market that no board changes were certain at this point in time.
“The board of UGL continually discusses its succession plan,” the company said.
“No resolutions have been made in relation to the board’s composition.
“UGL will inform the market in respect to any material developments when the company is in a position to do so.”
Rowe has been chairman of UGL since 2003.
