Ill health forces chief executive to resign
A BOARD reshuffle is underway at manufacturer Fenner, with chief executive Nicholas Hobson stepping down due to ill health. Mr Hobson will be on garden leave for his contractual notice period, to enable him to continue treatment.
He took a leave of absence from the company at the beginning of January 2016 to start medical treatment with Mark Abrahams taking on responsibilities as executive chairman during that time.
A statement from Hessle-based belting manufacturer Fenner said: “The board would like to extend its thanks to Nick for his many years of valued service with the group and wish him well in his recovery.”
The company is attempting to find external candidates for the position of CEO and non executive chairperson.
Until a permanent CEO is identified, Mr Abrahams will step back into the role of CEO and relinquish his chairmanship of the company, whilst Vanda Murray has agreed to step in as acting non executive chairwoman.
This comes at a difficult time for the company as well. Last year the listed business announced pre-tax losses of £5.3m after a 9% drop in revenues to £666.7m in the year to August due to difficult trading conditions in the US coal industry.
