Engineering chief quits

SHARES in engineering and technology firm Renishaw fell nearly 15pc yesterday as investors cashed in after the chief executive quit.

Sir David McMurtry, 77, is chairman and chief executive, but said on Wednesday he would step down from the chief executive role on February 1. He will remain executive chairman. New boss William Lee, 42, has been with the firm since 1996 and has been group sales and marketing director since 2016.

Yesterday, shares fell 14.5pc, or 820p to 4820p, despite the firm posting strong half-year results. Sales climbed 17pc to £279.5m while profit rose 73pc to £62.3m.