COATS, the world’s biggest producer of threads, yesterday named Mike Clasper, former chief executive of airports group BAA, as its new chairman.
Clasper, who also served as chairman of HM Revenue & Customs until he stood down last year, was previously a senior executive at Procter & Gamble.
The announcement comes as Guinness Peat Group (GPG), the listed owner of Coats, prepares to sell off all its other investments and focus solely on the thread company, which makes textiles for a variety of products.
The plan was revealed in 2011, when GPG stated its aim of selling investments within two to three years before changing its name to Coats.
“Coats is a truly global business with strong market positions and good opportunities for profitable growth.” Clasper said: “I am looking forward to working with the board and management as the business makes the transition to being a standalone listed company.”
Clasper will take up his role as chairman of Coats on 1 September, taking over from Mike Allen, who will remain on the Coats board as a non-executive director.
“I am pleased to be joining Coats at this exciting stage of its evolution,” added Mr Clasper yesterday.