Volex chief out after profits drop

Volex, the cable maker, has said that its chief executive will leave after a 90 per cent fall in annual profits. The firm, which suffered greatly last year after losing a contract with its biggest customer, believed to be Apple, said that Ray Walsh would step down in July. Cristoph Eisenhardt of Swiss firm KVT Koenig will replace him. Volex saw its value plunge last September shortly after Apple announced a new connector for the iPhone 5.