Manufacturer’s chairman to stand down after 17 years
The chairman of Coventry manufacturer Sprue Aegis, Graham Whitworth, is to stand down after 17 years.
The company, which makes home safety products, has had a difficult two years with its share price down 80% since the end of 2015, to an all-time low.
Recently it has been involved in a contract dispute with BRK which resulted in it booking a £3.8m exceptional charge.
Whitworth is the executive chairman and wants to remain as a non-executive director once a new chairman is appointed.
He said: “It’s been a privilege to have served as chairman of the company since 2001, during which period the company has grown substantially and undergone significant changes to become a market leader in its field.
“I feel that it is appropriate for the Company to enter the next phase of its development with a new chairman in place.”
Sprue has also announced the appointment of Mike Stilwell as group finance director. He will join in December, after serving his notice at Synetics.
In the meantime, the company’s finance function will be run by Zoe Fox, Finance Director of Sprue Safety Products Limited, the Company’s principal subsidiary.
