Austal (ASX:ASB)'s US president resigns

Company News

by Michael Luu

Australian-based ship builder Austal (ASX:ASB) has farewelled US chief Craig Perciavalle.

The resignation came on the back of investigations by the Australian Securities and Investments Commission and US regulatory bodies. Austal’s US business was scrutinised on the write back of work in progress associated with the Littoral Combat Ship project. Austal (ASX:ASB)’s US chief financial officer has been appointed interim president for the time being.

Shares in Austal (ASX:ASB) are trading 15.79 per cent lower at $2.08