THE NEW chief executive of defence services firm Chemring yesterday hired two new executives in an effort to turn around the company’s fortunes.
In a boardroom shake-up, new chief executive Mark Papworth appointed Steve Bowers, former director of aerospace materials group Umeco, as group finance director with effect from 7 January. He takes over from interim chief financial officer Nigel Young, appointed last July.
Bowers joins just two months after Chemring hired former John Wood Group executive Papworth to lead the company, amid takeover talks with Carlyle Group.
Papworth replaced previous chief executive David Price, just before US-based private equity house Carlyle dropped the bid.
Additionally, Chemring yesterday said it had hired Jim Devine, formerly human resources director at Centrica, as group HR director.
In November, the FTSE 250 firm admitted that last year had been “extremely disappointing”, as it issued two profit warnings in less than three months.