| Metalrax names new group finance director |
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| Wednesday, 02 April 2008 | |
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Metalrax, the niche supplier of specialist engineering and consumer durable products, has appointed Michael Stock as group finance director, effective immediately. Stock, 43, has gained extensive board level experience in the course of his career and has over 13 years' experience in the industrial engineering sector. Since 2006 he was finance director Europe and Asia Pacific at Premier Farnell plc. He previously spent seven years in a senior finance position at Ingersoll Rand Security Technologies and six years as finance director of the engineering division at Interserve plc. An accountant, Michael has an MBA from Warwick Business School. Andrew Richardson, chief executive of Metalrax (LSE:MRX), said that Stock’s background in specialist distribution and engineering businesses and strong financial and operational leadership would further strengthen the group’s management structure. Richardson concluded a strategic review in January 2008, which resulted in a reorganisation of Metalrax into two divisions, consumer durables and specialist engineering, from the previous three divisions (automotive, engineering and support services, housewares). Metalrax said it would focus on businesses that operate in niche markets, have significant growth potential and barriers to entry and can each be expected to contribute meaningful profits. Metalrax intends to announce its preliminary results for the financial year ended 31 December 2007 on Friday 4 April 2008, with results expected to be in line with forecasts. Related links |
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As the economy hits the most significant downward cycle in 50 years, finance directors must take stock of their companies' remuneration and compensation packages.