Coats finance director quits

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Coats Viyella has announced the sudden departure of finance director Jeff Phillips, formerly with Mercury Communications, after only six months in the job. Coats said Mr Phillips' departure "for personal reasons" was by mutual agreement. He was on a salary of pounds 175,000, but compensation is likely to be less than the full pounds 262,000 implied by the remaining 18 months remaining of his contract with the company. Coats also announced a 2 per cent rise in interim profits to pounds 70.8m.

Investment Column, page 28