M&R picks Laas as CEO, replaces Bruce

South African builder Murray & Roberts (M&R) appointed a veteran of the company as chief executive officer to replace Brian Bruce, who is stepping down in June, its chairman said on Thursday.

M&R, South Africa's second-biggest building firm by market value, said Henry Laas would start work on July 1.

Laas, an engineer, has been with the company since 2001 and was appointed director of the group's international business in 2007.

The company is yet to appoint a successor to financial director Roger Rees, who is also retiring at the end of June.

“This appointment allows an orderly handover of responsibility for the future of Murray & Roberts over the three months to 30 June 2011, including the appointment of a finance director successor to Roger Rees,” the company said in a statement

Last month, M&R fell to a half-year loss, hit by a $111 million writedown, and plans to sell underperforming assets as it fights to ride out an industry-wide slump.

Shares in M&R were up 0.86 percent at 26.98 rand by 09:50 SA time, outpacing a flat JSE all-Share index. - Reuters