8th Jun 2016 07:04
LONDON (Alliance News) - Engineer Fenner PLC on Wednesday said its chief executive Nicholas Hobson has stepped down from the board with immediate effect, and will continue on garden leave for the rest of his contractual notice period to "enable him to continue with treatment for his ill health".
Fenner said it has commenced a search to find a replacement chief executive, but until one can be found, Mark Abrahams has agreed to step back into the role, relinquishing his chairmanship.
Abrahams had served as non-executive chairman of Fenner until January, when Hobson took a leave of absence to start medical treatment, at which point he led the executive function as executive chairman.
Senior Independent Director Vanda Murray will step in as acting non-executive chairman.
"Hobson will be in receipt of his contractual benefits for the duration of the notice period and be treated as a good leaver under the terms of the long term performance share plans, pro- rated to the date his notice period starts," Fenner said in a statement.
"The board would like to extend its thanks to Nick for his many years of valued service with the group and wish him well in his recovery," Fenner added.
Shares in Fenner were down 0.9% at 145.00 pence on Wednesday.
By Hannah Boland; [email protected]; @Hannaheboland
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