All change at engineer as top two both quit

CAR and aircraft parts maker GKN is replacing its chief executive and finance chief.

Boss Nigel Stein, 61, is retiring while the company’s finance director Adam Walker, 49, is moving to another firm.

Both are being replaced by internal candidates: Kevin Cummings, 55, boss of the aerospace division, will replace Stein. Jos Sclater, 44, director of strategy and M& A, will replace Walker.

Chairman Mike Turner said of the departing Stein: ‘He has been instrumental in GKN’s substantial growth.’

It comes at a key time for the sector, with big clients increasingly calling for lower prices or starting to make their own parts. GKN employs around 58,000 people.

Analysts at Jefferies said: ‘GKN Aerospace is now of a scale and maturity where it could stand alone. We believe the deckchairs are moving – and it is ultimately likely to be more than a shuffling.’

Parts for electric cars and 3D printing boosted the engineer’s profits for the first six months of the year increase 14pc to £393m. Profits were also helped by the fall in the pound.