Diploma boss Richard Ingram quits after less than four months

29th Aug 2018 07:06

(Sharecast News) - Diploma's chief executive Richard Ingram has left the technical equipment supplier after less than four months in the job. Chairman John Nicholas will run the FTSE 250 company until a replacement for Ingram is found. The company gave no specific reason for Ingram's abrupt departure.In a trading statement Diploma said it was trading solidly and on track to meet profit expectations for the year to the end of September.Ingram joined Diploma in April and became CEO on 8 May. Before joining Diploma he was president of the detection business at Smiths Group. Diploma said Ingram had stepped down with immediate effect and that a search for his replacement was under way.Nicholas said: "The board believes that a change in CEO is in the best interests of the company and its shareholders. The board is fully committed to the group's successful long term strategy and, as reported in today's trading update, the company continues to perform well."Working together with Diploma's experienced senior management team I feel confident the group's successful, consistent strategy and culture will continue to deliver profitable growth."Ingram quit a week after Diploma announced the purchase of FS Cables, a UK supplier of specialist cables, for £18m in cash.Diploma said it expected reported annual group revenue to increase by about 7%. After adjusting for currency movements and acquisitions revenue will also be up by about 7%.Life sciences reported revenue will increase by about 6%. Underlying life sciences revenue will rise 4%, reflecting growth from a new supplier in the healthcare business "and despite some capital project delays".The group reported healthy trading at its seals and controls divisions and said its operating margin would be similar to the first half of last year, in line with expectations.