Ex-Umeco FD takes Chemring role

KPMG-QUALIFIED Steve Bowers has taken on the role of group finance director at defence industry manufacturers Chemring.

Bowers was most recently FD at Umeco, which provides materials to the aerospace and defence industries. He had been with the business for 13 years until its acquisition by Cytec in the summer.

Chemring, which supplies technology and electronics to the defence industry, made an underlying profit before tax of £125.6m and had revenues of £745.3m in 2011.

Peter Hickson, chairman of Chemring, said Bowers played a “central financial role” at Umeco during a period of considerable change.

“His excellent knowledge of the international aerospace and defence industries will be of great benefit to the group,” Hickson said.

“Following Mark Papworth’s recent arrival as CEO, Steve’s appointment is another important step in strengthening our executive management team, as we commit to rebuilding operational and financial performance and delivering improved returns for shareholders.”

Bowers succeeds Nigel Young who was promoted to interim chief financial officer in July 2012.