News Column

Chemring head steps down

June 25, 2014

CHEMRING Group Plc's chief executive, Mark Papworth, who was tasked with turning around the troubled defence contractor, has stepped down less than two years into the job.

Shares in the company, which makes ejector seats for fighter jets and flares used to counter heat-seeking missiles, fell as much as 12.5%, making the stock the top loser on the London Stock Exchange.

Chemring has been reeling under defence budget cuts in the United States, its largest market, in the past few years.

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Source: Herald, The (Scotland)

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