Company chairman Russell Kempnich has “immediately” assumed executive responsibilities.
Kempnich was a founding director of Sedgman & Associates in 1980 and was appointed managing director in 1991 and has served in chairman roles since 1998.
“He is also the driving force behind Sedgman’s international expansion strategy and regularly visits Sedgman operations and projects in Australia, Africa, the Americas and Asia,” the company announced this morning.
While the board will continue to manage the engineering company “on a business as usual arrangement”, it said further updates will be provided in due course.
“Sedgman’s Board acknowledged Mr Read’s efforts over the last two-and-a-half years and wished him well in his future career,” the company said.
Sedgman is a coal handling and preparation plant specialist and recently won the Large Services award at the Premier of Queensland’s Export Awards 2010.
Premier Anna Bligh lavished praise on the company at the time.
“Growing from less than 150 staff in 2002 to more than 750 and rising, Sedgman Limited is a Queensland export success story,” she said.
Shares in the company are down 7% to $1.95 this morning.