Redhall CEO steps down after seven months on the job

25th Oct 2018 08:29

(Sharecast News) - AIM-listed manufacturer Redhall revealed on Thursday that chief executive Wayne Pearson had resigned his position with immediate effect.Redhall told investors that Pearson, who was appointed to the role back in March, will be replaced by former Rolls Royce vice president Russ Haworth on an interim basis.After leaving Rolls Royce in 2016, Haworth has spent his time on a number of shorter-term projects, providing interim management resources and initiating strategies driving change in product, supply chain and operational performance.Redhall assured investors that the search for a full-time chief executive was already underway.Back in September, Redhall warned that full-year results would be "materially" below the engineer's previous guidance as a result of project delays and slower-than-expected efficiency gains.Delays on a number of key projects outside of the group's control and slower than expected operational efficiency gains meant the board was much more cautious of the immediate future, even as overall market conditions remained robust in the majority of its core markets.As of 0825 BST, Redhall shares had ticked up 0.55% to 4.58p.