Perry retires as VDM Group boss

Ken Perry has stepped down as chief executive of VDM Group, to pursue non-executive opportunities, after just more than a year in charge of the construction, contracting and consulting company.

VDM Group contracting and construction chief operating offier, Andrew Broad, will replace Mr Perry in a caretaker role, prior to the appointment of a permanent chief executive.

Mr Perry, who took over from Jim Van Der Meer as chief executive in February last year, will stay on in a consulting role to aid the transition over the next few months, the company said.

Last week, VDM recorded a disappointing interim loss of $16.4 million, compared to a $5.2 million profit in the previous half year.

Shares in VDM were up 10.64 per cent at 9:56AM (WST) this morning, trading at $0.26.