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Cooper will move to the CEO position from his non-executive deputy chairman role employed by Murray & Robert.
Clough says the terms of the appointment will be subject to a further announcement.
Chairman Mike Harding said the board appreciated the work done by Singleton in developing and implementing the first stages of Clough’s transformation strategy and wished him well in the future.
A company spokesperson said the resignation was a decision made jointly between Singleton and the Clough board.
“David was originally brought in to transform the business and refocus on the oil and gas and minerals sectors, while also reducing the company’s risk profile,” the spokesperson said.
“He has achieved those goals and also delivered a robust outlook. So now, the time has come that a different kind of leadership is needed to enable Clough to peruse other growth opportunities in the engineering and contracting fields.”
The spokesperson said Cooper, with some 30 years experience, had the expertise to continue to drive the company forward in other pursuits as part of its transformation strategy.
“The fact that John Cooper has held the position of deputy chairman at Clough means he has the knowledge in place to quickly take on the chief executive role in what is expected to be a seamless transition,” the spokesperson said.
In November, the outgoing chairman, Jock Clough, addressed the company's annual general meeting, expressing his disappointment over the company's financial losses, which he attributed largely to two of the company's Indian oil and gas contracts.
These difficult projects came on the heels of the Origin Energy-operated BassGas development in Victoria, which has also cost Clough dearly.
Earlier last year, Clough reported its net loss for 2005-06 had narrowed to $15.1 million from a $57.6 million loss a year ago.
The loss was exacerbated by a $20 million loss on one Indian contract, and provisions for losses of $19 million on another.
Clough, who will remain a director of the company, said the contracts, worth a combined $440 million, had been impacted by client delays, monsoon weather and an inflexible Indian government.
