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.'
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.
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