CARDNO SHAKEUP

CARDNO (ASX: CDD) has had a board shakeup today, with CEO and managing director Michael Renshaw announcing his resignation, effective immediately.

The current CFO, Graham Yerbury, has been appointed acting CEO while the company conducts a global search for a successor.

CDD chairman John Marlay thanked Renshaw (pictured) for his 10 months serving as CEO and service to CDD since 2003. Renshaw has more than 30-years of experience in finance, reporting and accounting, two thirds with multi-national mining and oil and gas companies.

"The board and Michael have mutually agreed on this decision," says Marlay.

"The board is determined to recruit a new CEO with strong leadership competencies and track record to lead Cardno."

Marlay says Yerbury will be assisted by Paul Gardiner, President Americas, on significant operational decisions in the interim.

CDD's share price has dropped 15.5 per cent since the news this afternoon to $2.90 per share.