(Alliance News) - Tricorn Group PLC on Monday said it has appointed Finance Director Michael Stock to the combined role of chief executive officer and finance director with immediate effect.
He will be replacing Mike Welburn, who is stepping down from the role of chief executive after 13 years in the role since 2007.
Stock first joined the Malvern-based pipe manufacturer in early August, prior to which he was chief financial officer at Bromford Industries Ltd, which manufactures precision components for the aerospace sector.
"The board would like to express its thanks and appreciation to Mike for his contribution to the group over the past 17 years. During this time, he progressed from sales director to chief executive and repositioned the group as a focused global supplier of high precision tubular assemblies to markets worldwide. We wish him well in his future career," said Chair Andrew Moss.
Tricorn also announced that the stocktakes conducted at both its UK sites in Malvern and West Bromwich produced a 2% gain in gross inventory.
"The board considers that this was an encouraging indication supporting the integrity of the ongoing margins in the company's current financial year," the group stated.
Shares in Tricorn were up 14% at 7.40 pence in morning trade in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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