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Austal CFO quits after reshuffle
Austal's Henderson yard.

Austal's chief financial officer has quit the shipbuilder after his role was diminished under a restructure which created more autonomous business units.

The company yesterday said it had accepted the resignation of Richard Simons, who would be leaving after 2 1/2 years in the position.

In the wake of a difficult first half ending December 31 which saw Austal record a $3 million loss and breach a debt covenant, an internal review led to the Henderson-based company creating four strategic business units.

Chief executive Andrew Bellamy said the system had been tested since April and in effect since July 1. "The scope of the role is somewhat less than what Richard had been brought in the company for," Mr Bellamy said.

"A lot of the activities that would have previously been in the corporate finance function are now being done inside of the business units. We've seen some benefit from that in a better financial result in the second-half of last (financial) year. Some of that has come because we streamlined our processes and reduced costs in some areas."

Austal posted an $11 million net profit for the full year.

A former Clough executive, Mr Simons was Austal's second-highest paid executive, taking home $587,000 in the past financial year.

Austal has appointed executive director Michael Atkinson as interim CFO. Mr Atkinson had previously held that position at the company before becoming chief operating officer in Australia.

Mr Bellamy said a permanent CFO would be recruited. General counsel Adrian Stang has taken on the role of company secretary.