GKN names next chairman
As of the middle of next year, GKN plc will have a new chairman. The company announced the appointment of Michael J. Turner, CBE to replace Roy Brown, who intends to retire at the close of the GKN annual general meeting on 3 May 2012.
Mike Turner joined the GKN Board in September 2009 as a non-executive director and was appointed senior independent director in May 2010. He is a former chief executive of BAE Systems plc and is currently chairman of Babcock International Group plc. Other current offices held by Turner include non-executive director of Lazard Ltd and a member of the Government’s Apprenticeship Ambassadors Network.
“I am pleased that, following a thorough process, the Board has appointed Mike to succeed me as chairman,” stated current GKN chairman Roy Brown. “Mike’s wide boardroom experience coupled with his extensive engineering background makes him an excellent choice. I wish him every success in the role.”
“I am delighted to have been appointed chairman of GKN at such an exciting time in the group’s development,” commented Turner. “I very much look forward to working with my fellow directors and supporting the executive team in continuing the strong progress made in recent years.”
Nigel Stein, chief executive designate, added: “I am very pleased that Mike has agreed to become our new chairman on Roy’s retirement in May and look forward to working with him in his new role. Mike has a wealth of experience in the engineering sector which will be invaluable. I would also like to take this opportunity, on behalf of the Board, to thank Roy Brown for his contribution to the success of the company over the last 15 years.”
Speculation exists at present as to whether GKN intends to sell its Wheels division. An article published in The Telegraph on 8 November suggests the company has appointed corporate advisory firm Gleacher Shacklock to work on the deal, which the newspaper values at around £130 million.
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