StockMarketWire.com - Engineering company Carclo said Antony Collins would step down as chief executive officer immediately after the company decided the role of group CEO was no longer required.
Following the successful completion of the tripartite agreement between Carclo, the Carclo pension trustees and the company's bank, the company re-evaluated the management structure and decided that, given that the company has only two operating divisions, the role of group CEO was no longer required.
Nick Sanders would assume the role of executive chairman with both the technical plastics and aerospace divisions reporting directly to him, the company said. 'This will shorten the reporting lines in the business and reduce costs.'
At 8:07am: [LON:CAR] Carclo PLC share price was -0.25p at 22.65p
Story provided by StockMarketWire.com
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