November 16, 2017 / 7:58 AM / a year ago

GKN ditches CEO designate, announces new write-off

LONDON, Nov 16 (Reuters) - Troubled British engineer GKN said Kevin Cummings, lined up in September to become its new chief executive, would now leave the company with immediate effect after it decided it needed alternative leadership.

The group, which issued a profit warning in October, said it would also book a further write-off estimated to be between 80 million pounds and 130 million pounds ($105-$171 million)following a review of working capital across aerospace plants in North America.

“With the exception of the working capital write-off...all other guidance for the full year remains unchanged,” it said.

Anne Stevens, currently a non-executive director of the firm, will assume the role of interim chief executive with effect from Jan. 1 2018, replacing veteran CEO Nigel Stein who steps down at the end of the year. ($1 = 0.7605 pounds) (Reporting by Kate Holton; editing by James Davey)

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