The chief executive designate of GKN has left the company as the engineering company reveals another hit of up to £130m from its troubled US aerospace division.
The group – which makes wing tips for Airbus and parts for car giants including Mercedes and Jaguar Land Rover – said Kevin Cummings had left GKN with immediate effect after it decided “the next stage of GKN’s development is best delivered under alternative leadership”.
According to PA, Current GKN boss Nigel Stein will continue as chief executive until he retires from the role on December 31.
The firm has appointed non-executive director Anne Stevens as interim chief executive from the beginning of January, while it launches a search to appoint a permanent successor.
The management overhaul comes as GKN said a review of its US aerospace plants has uncovered a further hit, with additional write-offs of between £80m and £130m.
It had previously expected to write off £15m on its Alabama facility, relating to “revised assumptions” on programme inventory and receivables balances, which sparked a wider review across the division.