GKN chief executive to step down
GKN chief executive Sir Kevin Smith is to retire at the end of the year after nine years in the post.
The Redditich based company issued the announcement this morning. His replacement will be Nigel Stein, the group’s current automotive chief executive.
Sir Kevin, who is currently a member of the Government’s Asia Task Force and a UK Business Ambassador, joined the GKN board in 1999 as head of its aerospace division and became chief executive in January 2003.
Mr Stein has been a member of the board since 2001 and prior to heading up the automotive operation was group finance director.
Sir Kevin said: “GKN is a great company with a fantastic team of people. I am proud to have led them through a period during which we have transformed the group into a premier global engineering company.
“After nine years as chief executive, I feel that the time is right for me to step down with the company now entering a new phase and well positioned to deliver sustainable growth.
“I am absolutely delighted that Nigel Stein has been chosen to succeed me. He is an excellent choice to lead the group forward. I wish Nigel and GKN all the best for the future.”
Roy Brown, GKN’s chairman, said: “The board recognises the very significant contribution that Kevin has made to GKN during his 12 years with the company, and particularly during his nine years as chief executive.
“This has been one of the most challenging periods in the long history of GKN. Kevin has led the team through that period and laid the strongest foundations for growth now and into the future. He will leave GKN in tremendous shape and we wish him every success for the future.
“Nigel will bring great skill and extensive experience to GKN’s continuing development. His contribution as head of automotive and, prior to that, as group finance director has been outstanding and I am sure he will be an excellent successor to Kevin.”
