GKN Board removes Cummings as CEO Designate, appoints Anne Stevens Interim CEO

November 16, 2017

November 16, 2017

The Board of GKN Group plc has reversed its decision to appoint Kevin Cummings as CEO, which it first announced in September, 2017. According to the company, “the GKN Board has concluded that the next stage of GKN’s development is best delivered under alternative leadership.” Following the announcement, Cummings left the board and GKN with immediate effect.

Anne Stevens, currently a non-executive director of the board, will assume the role of Interim Chief Executive from January 1, 2018 and remain in the post until a successor is appointed. As previously announced, Nigel Stein will continue as Chief Executive until retiring from the role on December 31, 2017.

Stevens, formerly Chairman, CEO and President of Carpenter Technology Corp, has extensive experience across both the automotive and aerospace industries. Prior to joining Carpenter, she held a number of roles during a sixteen year career at Ford Motor Company, latterly as Chief Operating Officer for the Americas. She was appointed to the GKN Board in July 2016 and is also a non-executive director of Anglo American plc, Lockheed Martin Corporation and XL Group plc.

The appointment of Hans Büthker to the role of Chief Executive GKN Aerospace will be brought forward to take effect immediately, as opposed to on the formerly announced date of January 1, 2018. Büthker will work with the rest of the executive team to develop plans to improve margins and cash flow across the group.

A review of working capital has recently been initiated across GKN’s Aerospace plants in North America. While this review is not yet complete, the group stated that it is likely to result in a write-off estimated to be between £80-130 million, much of which built up before 2017.

With the exception of the working capital write-off referred to above, all other financial guidance for the year remains unchanged.


November 16, 2017

In the latest issue of PM Review…

Download PDF

Extensive Powder Metallurgy industry news coverage, and the following exclusive deep-dive articles and reports:

  • Phoenix Sintered Metals: A story of transformation, growth and community from America’s PM heartland
  • World PM2024 Yokohama: The stage is set for the PM industry to find a path to sustainable growth
  • The state of Europe’s hard magnets industry and the challenge of optimising the mass production of Nd2Fe14B permanent magnets

The latest news from the world of metal powders, delivered to your inbox

Don't miss any new issue of PM Review, and get the latest industry news. Sign up to our weekly newsletter.

Sign up

Join our community

Discover our magazine archive…

The free-to-access PM Review magazine archive offers unparalleled insight into the world of Powder Metallurgy from a commercial and technological perspective through:

  • Reports on visits to leading PM part manufacturers, metal powder manufacturers and industry suppliers
  • Articles on technology and application trends
  • Information on materials developments
  • Reviews of key technical presentations from the international conference circuit
  • International industry news

All past issues are available to download as free PDFs or view in your browser.


Browse the archive


Looking for PM production equipment, metal powders, R&D support and more?

Discover suppliers of these and more in our
advertisers’ index and buyer’s guide, available in the back of PM Review magazine.

  • Powders & materials
  • Powder process, classification & analysis
  • PM products
  • Atomisers & powder production technology
  • Compaction presses, tooling & ancillaries
  • Sintering equipment & ancillaries
  • Post-processing
  • Consulting & toll sintering
View online
Share via
Copy link