This article was last updated on April 16, 2022
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The CEO of SNC-Lavalin Group Inc. has stepped down. After Pierre Duhaime’s resignation, effective 6 a.m. Monday morning, the company announces Ian Bourne as the interim CEO.
Duhaime called it quits after the company pointed out material limitations in its internal control over financial reporting. In February, it started looking into the unexplained payments and alarmed that its 2011 profits would be lower than the forecasts.
While making the announcement, the company said it “has identified material weaknesses in its internal control over financial reporting as at December 31, 2011 relating to management override, non-compliance with and ineffective controls over compliance with the company’s policy on commercial agents and its code of ethics.
“As a result, the company has concluded that its disclosure controls and procedures and its internal control over financial reporting were not effective as at December 31, 2011.”
Earlier, Libya’s civil war was stated as the cause of lower profits; however, the company now alleges that there is no connection between the mysterious payments and the impact of Libya’s civil war.
At the same time, SNC reported a much delayed fourth-quarter profit decline and said that it plans to take a few corrective actions directed mostly at strengthening the standards of conduct, filling the loopholes in internal controls and processes, and analyzing the compliance environment.
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