Mark Menhinnitt says he is not a “journeyman director” and that the troubled company’s board will ask questions before it bids for new contracts.
The new chairman said he would be more focused on making profits than driving revenues.
“If that means you get a little bit smaller and you’re driving your margins, then so be it. At the end of the day, it’s about shareholder value, not driving revenue.”Although Downer will still take some risks, they have to be risks that the company can manage and “sensibly price,” he said. Mr Menhinnitt, who also sits on the boards of property group GPT and Sunshine Coast Airport, was initially approached in late 2021 by Mr Chellew to join Downer’s board as a non-executive director
Mr Menhinnitt did not foresee that Mr Chellew would step down, but said he was not fazed by the company’s problems.Although the contractor’s strategic direction was on track, the board needed to make sure that its in-house “Downer standard” risk management framework “lives and breathes” throughout the company, he said.
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