GKN to lose chief executive and finance director by year-end
GKN’s chief executive Nigel Stein is set to retire and will hand over the reins by year-end.
Global engineering firm GKN is losing two of its top executives, following the retirement of boss Nigel Stein and the departure of the company’s finance director.
Mr Stein is set to step down as chief executive on December 31 after five years at the helm, and will give up his directorship the following March.
After a total of 13 years at the company, the GKN boss will be replaced by the current chief executive of the company’s aerospace division, Kevin Cummings, who will take the reins as of January 1.
GKN plc announces that Chief Executive Nigel Stein has informed the Board of his intention to retire. https://t.co/duSTfo0iU8— GKN plc (@GKN_plc) September 14, 2017
The engineering firm will also see group finance director Adam Walker step down from the board by year-end, after handing the role over to director of strategy and M&A Jos Sclater.
GKN said that Mr Walker – who has been finance director since February 2014 – is leaving the company “to take up an opportunity outside of the engineering sector”.
Departing chief Mr Stein said: “GKN has excellent market positions, outstanding technology and is well positioned to continue its global growth. I am delighted that Kevin has been appointed to succeed me.
“This company has a long history of success based on the efforts of our dedicated employees around the world.
“I thank them greatly for their contribution. I would also like to thank Adam for his support over the past three and a half years and offer Kevin, Jos and the whole GKN team my best wishes for the future.”
Earlier this summer, the company said that it was expecting another year of growth with aerospace organic sales to “grow slightly above market”, after reporting a 15% rise in sales and a 14% jump in pre-tax profits for the half year to June 30.
It is also forecasting above-market performance for its driveline and powder metallurgy operations, despite an expected drop in North American production.
GKN said: “2017 is expected to be another year of growth, helped by the benefits of actions taken in 2016 and GKN’s constant focus on continuous improvement.”