Elementis CEO resigns on failure to sell group

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The Independent Online

The chief executive of Elementis, the speciality chemicals group, yesterday quit abruptly after failing to sell the company and wider boardroom disagreements.

Last month, Elementis announced that it was no longer in takeover talks, as an "acceptable offer" had not emerged. The company announced an approach by an unnamed private equity house in December, then offered the company for sale.

Elementis said Lyndon Cole, chief executive for more than two years, had resigned "by mutual consent". Jonathan Fry, the non-executive chairman, will immediately take on a full-time executive role until a replacement for Mr Cole can be found.

Mr Fry said: "A range of management issues have been debated at the board. This situation was exacerbated by the sale [process]."