RAP's chief executive quits

RAP's chief executive quits

DAVID EMMETT has quit as chief executive of RAP Group, the rubber products company. According to a company spokesman, "excess stock" was discovered at RAP's Midlands operation. Mr Emmett, who had been with the company for 17 years, was chairman and chief executive of RAP during the recent drastic decline in stock prices which saw values drop from approximately 130p two years ago, to 30p this month. Its shares closed yesterday at 32.5p, down 2p. The company issued a statement on 24 March stating that "additional provisions may be requested" in light of the Midlands discoveries.