GKN plc, the world’s largest manufacturer of powder metallurgy (PM) components, has announced that as of 1 January 2012 Nigel Stein will succeed Sir Kevin Smith as Chief Executive of the group.
In a statement issued by the company, Sir Kevin Smith has informed the Board that he wishes to retire from GKN at the end of 2011 after nine years as Chief Executive. Smith joined the Board of GKN in 1999 as head of its Aerospace division and became Chief Executive in January 2003.
Nigel Stein has been a member of the Board since 2001 and is currently Chief Executive of GKN’s automotive division, a position he has held since June 2007. Prior to that he was Group Finance Director.
Smith said, “GKN is a great company with a fantastic team of people. I am proud to have led them through a period during which we have transformed the Group into a premier global engineering company. After nine years as Chief Executive, I feel that the time is right for me to step down with the Company now entering a new phase and well positioned to deliver sustainable growth.”
Roy Brown, GKN’s Chairman, added, “The Board recognises the very significant contribution that Kevin has made to GKN during his 12 years with the Company, and particularly during his nine years as Chief Executive. This has been one of the most challenging periods in the long history of GKN. Kevin has led the team through that period and laid the strongest foundations for growth now and into the future.”