CEO at listed engineering group steps down with immediate effect

25 October 2018

CEO at listed engineering group steps down with immediate effect

The chief executive of listed engineering group Redhall has resigned his position and has left the board with immediate effect, just six months after being appointed to the role.

Wayne Pearson was appointed chief executive in April after eight months as the firm’s chief operating officer. This morning, the Wakefield-headquartered group announced Person’s departure, which comes after the firm has this year reported profit warnings and a disappointing set of financial results.

In June, the firm revealed that in the six months to March 31, the group made pre-tax losses of £2.5m on revenues of £14.4m. For the same period last year, Redhall reported pre-tax losses of £180,000 on revenues of £18.9m.

However, it said its order book had grown strongly to £37m (December 2017: £32m), excluding an £18m framework agreement won by Jordan Manufacturing for Sellafield. It was also awarded a major contract in a nuclear new build for Hinkley Point C.

In April, the firm’s group finance director stepped down from the role following the completion of the company’s turnaround strategy. Chris Kelly, who had been with the group since 2014, wase succeeded by Simon Comer.

Redhall this morning said: “The Board would like to thank Wayne for his contribution to the Group.”

The firm also announced the appointment of Russell Haworth as interim chief executive. He will join the Redhall Board with immediate effect. The process of recruiting a full time chief executive is underway.

Haworth is a highly experienced executive with a focus on businesses within the aerospace, manufacturing and engineering sectors. His former roles include managing director of Slingsby Aviation, managing director of BWT, divisional CEO at Senior Aerospace and, from 2007 to 2016, a Senior Vice President at Rolls Royce. More recently he has undertaken a number of shorter term projects, providing interim management resource and initiating strategies driving change in product, supply chain and operational performance.