Huge write-offs at engineering giant sees new boss sacked before he starts
GKN has revealed a write-off of up to £130m and sacked its chief executive designate, six weeks before he was due to take on the role - and before the man he was replacing has even left.
The crisis-hit manufacturing group had informed investors last month of unspecified claims totalling £40m that was expected to hit its profits this year. The news caused its share price to plummet, wiping off £400m from its value in one day.
That announcement followed a senior management shake-up in September, with chief executive Nigel Stein... You can carry on reading TheBusinessDesk.com for free, but you have reached the maximum number of pages an unregistered user can view. To register for an account, click here or login below...
