Charter chief quits after profits alert

The chief executive of Charter International, Michael Foster, quit with immediate effect yesterday, just days after the tool and equipment maker warned on profits.

The engineer, which also promoted Brendan Colgan to head its struggling welding tools business ESAB, said the chairman, Lars Emilson, would assume the helm until a replacement is found.

Earlier this month Charter's shares plunged 25 per cent after it said its annual profits would be hit by weakness at ESAB, which is focused on welding, cutting and automation. The company is set to cut 500 jobs at the unit, which accounts for 60 per cent of group sales.