Walsh to quit GKN for TI: Finance director's move eats into share price gains

Click to follow
The Independent Online
THE SEALS, piping and aerospace company TI Group has lured away Brian Walsh, the respected finance director of GKN, to succeed Michael Garner as its group finance director.

Mr Garner, 55, has been group finance director at TI for the past 14 years. Although remaining an executive director of TI, he intends to take on a bigger role in the future at the Accounting Standards Board, where he is already a part-time member.

Mr Walsh, 48, became finance director of GKN in 1987. His previous employers include Ford Motor Company, Credit Suisse First Boston, the Singer Company and General Foods.

He will leave GKN at the end of April and take up his new post at TI on 17 May. GKN said yesterday that it hoped to announce a successor to Mr Walsh 'in due course'.

News of Mr Walsh's unexpected departure dampened enthusiasm for GKN shares. They closed 2p higher at 461p after rising initially to 468p in response to the Chancellor's Budget measures to alleviate surplus advance corporation tax. GKN stands to be a beneficiary of the changes.

Shares in TI, another potential beneficiary, closed 6p higher at 325p.

At TI, Mr Garner will be dealing with fiscal issues that arise between industry, government and the accounting profession.