Diploma chief executive steps down after four months in job

DIPLOMA has ditched its chief executive just four months into the job after what is understood to be a culture clash at the industrials group.

Richard Ingram was appointed in April as the new boss of the FTSE 250 maker of building components, seals and medical consumables, taking over from Bruce Thompson, who ran the company for 21 years.

However, alongside an upbeat trading statement yesterday, Diploma’s board said Mr Ingram would be leaving with immediate effect “in the best interests of the company and its shareholders”.

The board underlined its “commitment to the company’s successful longterm strategy”, which has seen the share price rise almost tenfold over the past decade to the current level of around £14.

Last year, the company had sales of £452m and made a £67m pre-tax profit.

Heading Diploma was Mr Ingram’s first chief-executive job. He previously ran the detection business that makes airport scanners for Smiths Group.

At the time of his appointment Diploma trumpeted qualified engineer Mr Ingram’s “wide range of executive