Weir chief, Lord Smith of Kelvin, to step down

The chairman of the Green Investment Bank has given up the same role at Weir Group, the Glasgow-based FTSE 100 manufacturer of pumps, valves and slurry-handling equipment.

The shares were down 48p at 2,156p yesterday on news that Lord Smith of Kelvin will step down at the end of the year to be replaced by Charles Berry.

Mr Berry is also chairman at the coal-fired power station group Drax.