GKN CEO-designate Kevin Cummings is leaving, the British engineering company announced on Thursday, after the aerospace division he used to run took a surprise writedown, sending the shares down 9 per cent.
Cummings, head of GKN Aerospace since 2014, was named in September as group chief executive to replace retiring Nigel Stein from January.
In October, the group issued a profit warning sparked by problems in the aerospace division.
It said then that its Aerospace North America division would incur a 15 million pound non-cash charge relating to revised assumptions on programme inventory and receivables balances at a plant in Alabama.
On Thursday it said a further write-off of 80 million to 130 million pounds ($105-$171 million) was likely following a review of working capital at its aerospace plants in North America.
"With the exception of the working capital write-off...all other guidance for the full year remains unchanged," it said.
Anne Stevens, currently a non-executive director, will assume the role of interim chief executive with effect from Jan. 1 2018, replacing Stein who steps down at the end of the year.
The company has launched an internal and external search for a new CEO.
Source:Timesofoman
GMT 22:53 2018 Thursday ,13 December
Indian Minister of Trade meets with UAE Ambassador, Chairman of Emaar PropertiesGMT 13:41 2018 Thursday ,06 December
Tyre maker Continental opens lab to extract rubber from dandelionsGMT 15:22 2018 Friday ,30 November
Paper industry around famous Chinese lake to be shut down by 2019GMT 11:13 2018 Sunday ,18 November
Electricx 2018 kicks off with participation of over 20 countriesGMT 14:17 2018 Thursday ,25 October
BP eyes entering several new Rosneft projectsGMT 12:08 2018 Saturday ,20 October
OPEC participants performed Vienna Agreement by 111%GMT 16:14 2018 Saturday ,06 October
Saudi Aramco IPO to go ahead by early 2021GMT 19:01 2018 Thursday ,04 October
LEAD S. Korean firms offer aid for quake-hit IndonesiaMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor