GKN board resigns en masse after stormy £8bn takeover
Melrose Industries has confirmed that board directors of GKN have stepped down after its controversial £8 billion takeover by Melrose Industries was made unconditional.
GKN chief executive Anne Stevens and chief financial officer Jos Sclater are among those who resigned yesterday.
Melrose said an “in-depth review” was now under way and had confirmed the “extent of the opportunity to improve GKN’S business”.
The resignations come as reports suggest the UK Government will wave through the deal as early as next week after concluding there are no national security or competition concerns raised, despite union and political warnings over the takeover. Melrose chairman Christopher Miller said: “Today sees the formation of a new manufacturing powerhouse, headquartered in the UK and with diverse operations around the world.”
He added: “We have begun our in-depth review and this has confirmed our expectations about the size and scale of the opportunity to create lasting value for sharehold- ers and all stakeholders as we drive the businesses to their full potential.”
Miller and five others – David Roper, Simon Peckham, Geoffrey Martin, Jonathon Crawford and Garry Barnes – have been appointed to the GKN board on an interim basis until the firm’s shares are de-listed from the London Stock Exchange around 21 May.