Chemring shake-up as new chief ejects finance boss
After only two months at the helm of defence firm Chemring, new chief executive Mark Papworth today used the firm’s own ejector seats, replacing his finance boss and appointing a head of human resources in a boardroom shake-up.
It comes weeks after investors branded the aerospace equipment-maker “a mess” after private equity firm Carlyle Group abandoned takeover plans at the FTSE 250 company. Carlyle had initially approached Chemring in August but after the munitions and pyrotechnics group issued two profit warnings, replaced boss David Price, who had been at the firm since 2005, and admitted to contract delays, the buyout group walked away.
Papworth - formerly head of gas turbine services at FTSE 100 energy firm Wood Group - replaced Price, and he made his mark on the management team today, replacing interim finance boss Nigel Young, in the job since July, with Steve Bowers, formerly finance director of composite material group Umeco.
Peter Hickson, Chemring chairman, said: “After Mark Papworth’s recent arrival as chief executive, Steve’s appointment is another important step in strengthening our executive management team, as we commit to rebuilding operational and financial performance.”
Papworth also hired Jim Devine - human resources director at British Gas-owner Centrica - as group HR director and described him as “a very important addition to our senior management”.
Shares in Chemring rose 3.5 per cent or 8.3p to 246.6p - well off the 414p price of a share when bid interest emerged over summer.
- 3 Woman opens professional cuddling shop – gets 10,000 customers in first week
- 4 Grayson Perry: London needs affordable housing because 'rich people don't create culture'
- 5 Kenya bus attack: Al-Shabaab militants kill 28 non-Muslims who failed to recite Koran
Ryan Gosling granted temporary restraining order against a woman 'convinced she was his twin flame'
Jennifer Lawrence sings in new The Hunger Games: Mockingjay Pt 1 clip on YouTube
Anti-gay hate preacher accidentally tweets 4,000 followers cartoon clip of him 'confessing' to be a 'homosexual sodomite'
Woman opens professional cuddling shop – gets 10,000 customers in first week
Grayson Perry: London needs affordable housing because 'rich people don't create culture'
Rochester by-election: Ukip gains second MP as Tory defector Mark Reckless holds seat
'Beast of Bolsover' Dennis Skinner takes Ukip MP Mark Reckless to task moments after he is sworn in
Rochester by-election: Labour MP Emily Thornberry resigns after posting white van and England flags tweet
France 'blocks' Russian sailors from boarding a warship
Revealed: How the world gets rich – from privatising British public services
Myleene Klass: Ed Miliband 'strikes back' by comparing UK's need for Labour's mansion tax to Hear'Say track
iJobs Money & Business
Voluntary Only - Expenses Reimbursed: Reach Volunteering: Age Concern Slough a...
Voluntary Only - Expenses Reimbursed: Reach Volunteering: Crossroads Care is s...
£20000 - £25000 per annum + OTE £35,000: SThree: We consistently strive to be ...
£50000 - £90000 per annum + benefits: Ampersand Consulting LLP: Markit EDM (CA...