Cochrane steps down as Weir Group leader

Weir Group chief executive Keith Cochrane is stepping down to be replaced by Jon Stanton at the start of October.

Mr Cochrane said: “It has been an honour to lead Weir and I am very proud of what we have achieved in the last 10 years.”

He will remain to assist until the end of December, when his employment with Weir will end.

The Glasgow-based engineering group’s first half pre-tax profits fell 25% to £82 million with a 13% decline in revenue to £866m.

Weir said profits were “primarily impacted by declines in North American oil and gas markets”.

The group sustained a 16% overall decline in order input to £873m but reported revenues were lifted by a £17m foreign exchange gain.