Source: Wall Street Journal                           Date: 31 August, 2011

Following the resignation of former Leighton Holdings Ltd. Chairman David Mortimer, Chief Executive David Steward left the company just a day later. This results in the third turnover in the company's boardroom this year. Leighton Holdings is the parent company of Leighton Asia, a mining intermediate with operations in Mongolia.

Hamish Tyrwhitt will become the company's third chief executive, following Wal King's departure in January after 23 years holding that title. In April the company released a warning about a fiscal-year loss rather than an expected profit. Losses resulted in USD 428.2 million.

"It's creating a lot of uncertainty, and this current market hates uncertainty," said Jason Beddow, CEO of Argo Investments Ltd, one of Leighton's top 10 shareholders. "It's a bit chaotic to get a handle on what's going on, with a chairman who's walked as well."

Stephen Johns, the incoming chairman, rejected worries that Leighton could pursue a further write-down due to the changes. He also spoke on the virtues of Tyrwhitt and his confidence in the new executive, praising his ability to motivate and lead. Little was said about the reasons behind the departures.