Boardroom unrest and executive changes at GKN

Nov 17, 2017   People

The GKN board has concluded that the next stage of the company's development is best delivered under alternative leadership...

As a result, Kevin Cummings, previously CEO Designate, will leave the board and GKN with immediate effect.

The Board has asked Anne Stevens (pictured), currently a non-executive director of the board, to assume the role of Interim Chief Executive with effect from 1 January 2018 until a successor is appointed. As planned, Nigel Stein will continue as Chief Executive until he retires from the role on 31 December 2017.

Anne has extensive experience across both automotive and aerospace industries. She is a former Chairman, CEO and President of Carpenter Technology Corp, a speciality metals producer for the aerospace, transportation, medical and energy sectors. Prior to this she held a number of roles during a 16 year career at Ford Motor Company, latterly as Chief Operating Officer for the Americas. She was appointed to the board in July 2016. She is also a non-executive director of Anglo American plc, Lockheed Martin Corporation and XL Group plc.

The appointment of Hans Büthker, formerly CEO Fokker Technologies, to the role of Chief Executive GKN Aerospace will be brought forward to take effect immediately. He will work with the rest of the executive team to develop plans to improve margins and cash flow across the Group.

The Nominations Committee will lead an internal and external search process, together with external consultants, to identify and appoint a successor as Chief Executive of GKN. This process will begin immediately.

In light of the issues communicated earlier in relation to Alabama, a review of working capital has been initiated across other Aerospace plants in North America. While this review is not yet complete it is likely to result in a further write-off estimated to be between £80 million and £130 million, much of which built up before 2017.

With the exception of the working capital write-off referred to above, all other guidance for the full year remains unchanged.

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