THE finance director at Black Country aerospace group Hampson Industries is to stand down with immediate effect – just weeks after the settlement of a High Court ruling which cost the firm £1.5m.
The Brierley Hill firm said Howard Kimberley, who has been with the group for 10 years, was being succeeded by Ram Swamy and he was leaving with the best wishes of the board.
Hampson said Mr Kimberley, 43, had been a key figure in the strategic turnaround of the business from a group of small, UK-focused engineering and industrial businesses to an international aerospace group employing 1,400 staff across three continents.
Mr Kimberley will continue to provide assistance to the group as a consultant for a short period to help with proposed disposals and to ensure an orderly handover to his successor.
Results for the year ended March 31, 2010 show Mr Kimberley was paid a total salary of £427,679, split between basic salary, bonus and pension contribution.
Ram Swamy has 21 years experience in financial positions within the life sciences and marketing sectors. He has lived and worked in North America, Asia and Europe. Most recently, from 2008 to 2010, he was Chief Financial Officer on the board of Goldshield Group, a global pharmaceutical and consumer health business.
From 2003 to 2007 he was chief financial officer of Iron Mountain’s medical record management business, based in Michigan. He is also a qualified Chartered Accountant from India and a Certified Public Accountant from the United States.
Chairman Chris Geoghegan said: “I would like to thank Howard for his dedicated service as Finance Director of the group over the past 10 years. Through a number of strategic acquisitions he has been instrumental in the transformation of Hampson into a focused, international aerospace group with two global leadership positions. Howard leaves Hampson with the best wishes of the board.
“The board also welcomes the arrival of Ram Swamy in the group. Ram has an impressive track record and we are confident that his skills and experience will be invaluable to the company at this importantstage in its development.”
Mr Kimberley originally qualified as a Chartered Accountant with Coopers & Lybrand in 1990 before joining GKN in 1995 to work initially on international mergers and acquisitions. In 1997 he became Staff Director Finance of GKN’s £2.2bn Automotive &Agritechnical products division and in early 1999 he was appointed Group Treasurer of GKN. Mr Kimberley joined Hampson as Finance Director in April 2001.
Earlier this month Hampson agreed a £1.5m payout to a consortium of private investors led by Midland industrialist David Grove following the loss of a High Court legal action .
The aerospace firm has also agreed to make a contribution towards the consortium’s costs.
