Engineering firm Weir Group yesterday said its finance director Keith Cochrane will replace outgoing chief executive Mark Selway on 2 November. Selway is stepping down to take up a new job in his native Australia. After eight years at Weir, Selway will become chief executive of Boral, Australia's largest building and construction materials supplier. Weir’s stock fell by 2.18 per cent to 678p after the news broke. Weir chairman Lord Smith of Kelvin said: "We are very grateful for his leadership, drive and commitment and whilst fully respecting his decision to return home, are truly sorry to see him go."