Tomkins CEO quits

Greg Hutchings, the chief executive of industrial conglomerate Tomkins, has resigned.

Greg Hutchings, the chief executive of industrial conglomerate Tomkins, has resigned.

Earlier this week David Newlands, the former finance director of GEC, who was brought in over the summer as chairman of Tomkins, announced that he had launched an investigation into "board practices" at the company.

Tomkins appointed Arthur Andersen, the accountants, to investigate various claims, including accusations about Mr Hutchings, the chief executive who had built and run the company since 1983.

Accusations surrounding Mr Hutchings included claims hat he put his wife and housekeeper on the company payroll, as well as making donations to a charity run by a friend of his. Other allegations involve the use of a company jet and a London apartment.

Mr Newlands has been appointed executive chairman.