- After six years on the job
- Accolades, praise, thanks and good wishes for Stein
- Stein spoke at length and said 86 words
(exechange) — Redditch, United Kingdom, September 14, 2017 — Nigel Stein, chief executive of GKN, hands over the reins. As announced by GKN plc in a news release on Thursday, September 14, 2017, Nigel Macrae Stein leaves the post as Chief Executive Officer at the automotive and aerospace components company after six years on the job, effective December 31, 2017.
Stein’s duties are taken over by Kevin Cummings, currently Chief Executive Officer Aerospace at GKN plc.
Stein’s move is part of a management shake-up also involving the position of Finance Director.
Adam Walker, Group Finance Director since February 2014 has decided to leave GKN. The Board has appointed Jos Sclater to the role of Group Finance Director to succeed him.
Adam Walker had been a candidate for the top job.
Stein’s retirement was widely expected, with Cummings seen as the favorite to take over.
No reason given
In the announcement, GKN did not explicitly explain the reason for Stein’s move.
Precise information about the future plans of Stein was not immediately available.
GKN said: “Chief Executive Nigel Stein has informed the Board of his intention to retire. He will step down from that role on 31 December 2017 and as a Director on 14 March 2018.”
Chaired by Michael Turner CBE
GKN plc is chaired by Michael Turner.
Turner was appointed to the Board in September 2009 and became Chairman in May 2012.
On the job as CEO since 2012
Nigel Macrae Stein has been the Chief Executive of GKN plc since January 1, 2012.
Stein joined GKN in 1994 and held a range of commercial, general management and finance roles, including Group Finance Director and Chief Executive Automotive, before becoming Chief Executive in January 2012.
Prior to GKN, he gained experience in the commercial vehicle and manufacturing sector and held senior financial positions with Laird Group plc and Hestair Duple Ltd. Member of the Institute of Chartered Accountants of Scotland and former non-executive director of Wolseley plc.
Stein serves as non-executive director of Inchcape plc and chairman of the UK’s Automotive Council.
Read the full story in the exechange report 38.2017 ($).