June 11, 2019 / 12:45 PM / 2 months ago

UPDATE 1-SNC-Lavalin names Ian Edwards interim president, CEO

(Adds background on company and Ian Edwards)

June 11 (Reuters) - SNC-Lavalin Group Inc on Tuesday named Chief Operating Officer Ian Edwards interim president and chief executive officer, and tasked him to review the Canadian construction firm's "strategic direction".

Edwards takes on the top job from Neil Bruce as the company's shares hover at near 15-year lows.

SNC-Lavalin is facing fraud and corruption charges related to allegations that former executives paid bribes to win contracts in Libya under Muammar Gaddafi's regime, which fell in 2011. Last month, a judge in Canada ruled there was enough evidence to send a corruption case related to the company to trial.

"The Board of Directors has asked Mr. Edwards to undertake a review of the strategic direction of the Company on an expedited basis and to develop a plan for sustainable success," the company said in its statement.

The company last month said its board had formed a special committee to consider options to increase shareholder value, days after announcing its exit from 15 countries and a surprise quarterly loss in its main engineering and construction unit.

Outgoing President and CEO Bruce will remain as an adviser to the board until the end of the year.

Shares of the company have nearly halved in 2019 and closed down at C$23.70 on Monday. (Reporting by Shanti S Nair in Bengaluru; Editing by Shinjini Ganguli)

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