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.
- 1 Tidal launch: The most pretentious lines from Alicia Keys' valedictory speech
- 3 Katie Hopkins attacked me on Twitter — so I reported her to the police for inciting racial hatred
- 4 Tidal: Jay Z's Spotify rival streaming service criticised for making wealthy artists even richer
- 5 Brixton squat flats now costing up to £3k per month show how out of control rent is in London
Britain First 'acting like Ukip henchmen' by invading meeting of activists in revenge for pub protest against Nigel Farage
Costa Concordia: Shipment of Mob drugs was hidden aboard cruise liner when it hit rocks off Italian coast, investigators say
Brixton squat flats now costing up to £3k per month show how out of control rent is in London
A new (old) cure for MRSA? Revolting recipe from the Dark Ages may be key to defeat infection
Turkey power cut: Prime Minister says nationwide blackout could be caused by terrorists
Ukip supporters are 55 or older, white and socially conservative, finds British Social Attitudes Report
Street preacher quoting from the Bible fined for calling homosexuality an 'abomination'
Woman filmed launching racist tirade against men on the Tube for speaking in 'own lingo'
The West has it totally wrong on Lee Kuan Yew
David Cameron calls Labour 'hopeless, sneering socialists' while announcing 7-day NHS plans
Revealed: Putin's army of pro-Kremlin bloggers
iJobs Money & Business
£45000 - £50000 per annum + benefits : Ashdown Group: A highly successful, glo...
£50,000 - £55,000: Neil Pavier: Are you a professionally qualified commercial ...
£45,000 - £55,000: Loren Hughes: Are you looking for a new opportunity that wi...
Circa £45,000-£50,000 + benefits: Sheridan Maine: Are you a newly qualified ac...