GKN's chief executive Nigel Stein will retire at the end of the year

Courtney Goldsmith
Follow Courtney
The engineering firm will replace its chief executive and finance director
The engineering firm will replace its chief executive and finance director (Source: GKN)

Engineering group GKN's chief executive will retire at the end of 2017 after five years in the role.

Nigel Stein, who joined the firm in 1994, spent 16 years on the company's board and also held the roles of group finance director and chief executive of automotive.

Kevin Cummings, currently chief executive of aerospace, will take over for Stein from 1 January 2018.

Read more: Will GKN go cap in hand to debt markets to manage £2bn pension hole?

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."

The car parts maker also today announced Adam Walker, the group finance director since 2014, would leave GKN to take up an opportunity outside of the engineering sector. He will be succeeded by Jos Sclater, currently the director of strategy and mergers and acquisitions.

Shares in the company, which supplies components for Airbus and Boeing aircraft, were up 3.3 per cent at 338p.

Read more: GKN unveils plans to tackle pension deficit as it announces rise in profits

Related articles