On 1 May 2014, WorleyParsons reorganized into three business lines – Services, Major Projects and Improve. Each of these business lines has full accountability and responsibility for customer satisfaction, generating sustainable earnings and providing a satisfactory level of return on capital invested. In addition, each business line is responsible for providing and sourcing the optimal level of operational support.
Group functions at the corporate level were streamlined with a lean corporate office responsible for strategy, governance activities and improved allocation of capital.
The Development group has implemented formal processes to harness innovation, to manage investment in the business and to nurture new ventures.
During the 2015 financial year, we will focus on embedding behaviors that will support our restructure and future success. We will continue to simplify our business processes and will be implementing a change program to:
- Refocus the organization on having an obsession with making our customers successful
- Capture our knowledge and share that knowledge to find better solutions for our customers’ problems
- Build a strong culture of performance and accountability to achieve: “Delivering what we promise”.
Strategically, our immediate focus is on getting better at what we do and prudently managing costs. We are more aggressively pursuing growth from our core, both into new geographies and new service offerings. In addition we are developing new ventures aligned with and complementary to our existing business. Two new ventures are being developed - our advisory business, Advisian, and Digital Enterprise. We are pleased to announce two key appointments. Iain Ross has been appointed as the CEO of Digital Enterprise to accelerate and build on the work done by Graeme Henderson and his team. As previously announced, Dennis Finn has been appointed as the CEO of Advisian. Dennis joins us from PwC and commences on 1 September 2014.
Historically, WorleyParsons has delivered above average total shareholder returns; however, we recognize that in recent times our total shareholder returns have declined along with our performance relative to our peer group. The actions taken in the second half of the 2014 financial year, including the refocusing of our strategy and investment review framework via the Development group, seek to return us to satisfactory levels of total shareholder return.