Richard Howson, the ex-CEO of the major UK construction firm Carillion, has recently stepped into the role of President at TECfusions, a Florida-based energy technology company. This appointment comes after Howson received an eight-year ban from holding director positions in the UK.
Howson's tenure as CEO of Carillion, from December 2011 to July 2017, ended just six months before the company's dramatic liquidation. Carillion, once the UK's second-largest construction company, faced a staggering £7 billion in liabilities contrasted with a mere £29 million in cash reserves at the time of its collapse.
The Insolvency Service imposed the directorship ban on Howson in October, citing several significant issues under his leadership at Carillion. These included the publication of misleading market announcements, false accounting practices, and results that misrepresented and hid the severity of problematic projects.
Despite this setback in the UK, Howson has embarked on a new venture with TECfusions, as confirmed by his LinkedIn profile. TECfusions is a technology firm specializing in a range of areas including data-centre management, carbon capture technology, and renewable energy sources like hydrotreated vegetable oil fuel. Founded in 2023, the company prides itself on being a responsible technology creator, emphasizing a transformative approach to the tech industry through its corporate culture and professional excellence.
The Financial Conduct Authority (FCA) also issued a provisional fine of £397,800 to Howson, related to Carillion’s misleading financial statements. However, the final decision on this fine by the Upper Tribunal is pending.
The impact of Carillion's downfall was profound, particularly on its suppliers. Rudi Klein, the former chief executive of the Specialist Engineering Contractors’ Group, representing many of Carillion's suppliers, expressed a strong reaction to Howson's new role. The collapse of Carillion led to significant financial losses for many suppliers, with some facing bankruptcy. Klein noted that there would likely be considerable dismay and anger amongst those affected by Carillion's collapse, upon learning of Howson's new position in the US.
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