THE FINANCE DIRECTOR of Armour Group, John Harris, is stepping down and leaving the company at the end of May, the consumer electronics business has said.
The decision follows the successful sale of Armour’s automotive division in March, which has resulted in a significant reduction in the size of the group.
Mark Wilson will join the board from 1 June 2014, and take up the appointment of group FD and company secretary. Wilson joined the group as financial controller in September 2009, having held a number of previous financial controller roles.
Wilson will need to conduct a review of the group’s cost base in order to accelerate a return to profit. As stated in the circular sent to the shareholders dated 10 March, the underlying trading of the group following the sale of the automotive division is unlikely to be profitable in the period between the sale and 31 August 2014.
Armour chairman, Bob Morton, said: “I and the whole board thank John for his many years of valuable service to the group. His excellent financial management throughout his career with Armour and his contribution to the strategic repositioning of the group have been of great value.”