GKN plc Board changes
CHIEF EXECUTIVE
GKN plc announces that Chief Executive Nigel Stein has informed the Board of his
intention to retire. He will step down from that role on
31 December 2017 and as a Director on
14 March 2018. Kevin Cummings, currently Chief Executive
Aerospace, will succeed Nigel as Chief Executive with effect from
1 January 2018.
Nigel joined GKN in 1994 and became a Board Director in
August 2001. During his 16 years on
the Board he held the roles of Group Finance Director and Chief
Executive Automotive before being appointed Chief Executive from
January 2012.
Kevin Cummings joined GKN
Aerospace in North America in
2008. He stepped up to the role of Chief Executive Aerospace in
January 2014 and was appointed to the
Board in January 2016. Kevin has
extensive experience of running a global business in GKN. As an
existing Board member he also has an excellent and in-depth
perspective of the GKN Group.
Mike Turner, GKN’s Chairman,
said: “On behalf of the Board, I would like to thank Nigel for the
significant contribution that he has made to GKN. During his tenure
as Chief Executive, Nigel has overseen the transformation of the
Group, greatly expanding the Aerospace division and moving
Driveline into electric drive. He has been instrumental in GKN’s
substantial growth. I would like to extend my personal gratitude to
Nigel and I’m sure I speak for everyone at GKN in wishing him every
success for the future.
"Kevin was key to the successful acquisition of Fokker. His
contribution since being appointed to the Board has been
substantial and I am sure he will be an excellent successor to
Nigel.”
FINANCE DIRECTOR
Adam Walker, Group Finance
Director since February 2014, has
decided to leave GKN to take up an opportunity outside of the
engineering sector. Adam will step down from the Board before the
year end, following a full handover to his successor. The Board has
appointed Jos Sclater to the role of Group Finance Director to
succeed him.
Jos joined GKN in late 2011 as General Counsel. He has
undertaken a number of additional roles since that time including
acting as Company Secretary from 2014 to 2016 and Director of
Strategy and M&A from 2016. Earlier this year he also assumed
responsibility for GKN’s additive manufacturing activities.
Nigel 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.”
Kevin and Jos’ remuneration will be in line with GKN's
remuneration policy as agreed by shareholders in May 2017. Details of the leaving arrangements for
Nigel and Adam will be available shortly on the GKN website.
This announcement contains inside information.
Further Enquiries
Analysts/Investors:
Guy Stainer, Investor Relations
Director, GKN plc
T: +44 (0)207 463 2382 M: +44 (0)7739 778187
E: guy.stainer@gkn.com
Media:
Andrew Lorenz, FTI Consulting
T: +44 (0)203 727 1323
M: +44 (0)7775 641807
Chris Fox, GKN plc
T: +44 (0)7920 540051
group.comms@gkn.com