Coral Products CEO agrees to stand down as part of cost rationalisation moves
Lance Burn, group CEO of Wythenshawe-based plastics manufacturer, Coral Products, is standing down, by mutual agreement, to save costs at the firm, which last week warned it expects to make a loss this year.
It said today that “in the light of the continued challenging trading environment, Coral has entered into a cost rationalisation exercise and reflecting this, by mutual agreement, Lance Burn, Group CEO, has resigned and will leave the group on 31st October 2024.”
It said Ian Hillman, currently Division MD – Flexibles, will now take the position of group COO responsible for the day-to-day oversight and direction of all businesses within both divisions.
Coral said Lance has positively reengineered the group, providing clear strategic direction and defined process improvement so helping create a more transparent and performance-led organisation.
It added that the market corrections reported at the start of the calendar year and the unexpected and continuing headwinds announced in its recent trading update demanded the “right-sizing” of the group to maintain its financial resilience.
As a part of this, Lance said he felt that he can no longer contribute to Coral’s M&A plans as originally envisaged and, accordingly, the costs associated with his involvement would be better removed from the business.
Further operational changes have been implemented today to reset the cost base of the group so that it is better positioned to operate in the current economic conditions.
Chairman, Joe Grimmond, said: “I fully respect Lance’s decision to leave particularly for the manner in which he has placed the groups’ interests first and foremost in his decision.
“Lance has brought energy, focus and determination to resolve key challenges facing our company. I wish Lance all my very best in whatever he chooses to do next.”
He added: “Ian is a proven operator and current executive board member who has been working closely with Lance and I am, therefore, confident this will be a smooth transition and that Ian will continue to consolidate the many positive changes begun under Lance’s tenure.”
