The managing director of Lucas Industries' aerospace operation, Frank Turner, is leaving as part of a restructuring that will scale back its aerospace interests. It is thought Mr Turner was unhappy about heading a smaller division.
Lucas yesterday posted profits of pounds 30.4m after exceptionals, against a loss of pounds 129.7m last time. Excluding exceptional items, profit was pounds 135.8m, against pounds 84.2m last time.
Aerospace, which now accounts for about 17 per cent of the company's pounds 2.6bn turnover, will diminish further with the planned disposal or closure of its US-based Western Geared Systems division.
Mr Turner is replaced by Ken Maciver, head of braking systems division. Lucas said his departure was not connected to recent US legal action involving Western.
Lucas announced a new structure with five core areas: brakes, diesel systems, electronics, after-market, and aerospace. George Simpson, chief executive, said: "We have closed the history books on major problems and put in place a simplified business structure which will provide a clear focus for our development." Final dividend was maintained at 4.9p, giving an unchanged 7p for the year.Reuse content