LONDON (Alliance News) - Industrial maintenance, repair and overhauls products distributor Brammer PLC on Wednesday said Chief Executive Ian Fraser will retire from his role.
Brammer said Fraser would step down by "mutual agreement" and a formal search for his successor is underway. He has been Brammer's CEO for 18 years.
The move comes a week after the value of Brammer shares halved as it issued a profit warning for the first half of 2016, blamed on sluggish trading in May which had continued into June.
Brammer shares were down 1.4% to 60.12 pence Wednesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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