Defence manufacturing group Avon Rubber is on the lookout for a new chief financial officer and executive director following the decision by current CFO Nick Keveth to retire for personal reasons.
The Melksham-headquartered group, which makes protective gear, masks and breathing equipment for the military and first-responder markets, said Mr Keveth, pictured below, will leave before the end of next March.
This will enable him to manage the completion of its current financial year, which ends on September 30, and to make an orderly handover of his duties to his successor.
The board has initiated a search for a suitable external candidate to succeed him, Avon Rubber said in an announcement to the London Stock Exchange.
It said it will make a further announcement once that process has been completed.
The group has undergone a major transformation since Mr Keveth joined four years ago, including last summer’s £180m sale of its historic dairy industry business.
Mr Keveth said: “It has been a pleasure and a privilege to have been a part of the Avon Rubber growth story.
“I look forward to working with my successor to ensure a smooth transition.”
Prior to joining Avon, Mr Keveth spent nearly 13 years at Bristol-based tobacco giant Imperial Brands in a number of roles, including director of finance, planning and reporting. He also worked at global accountancy group PwC.
Avon chair Bruce Thompson said: “On behalf of the shareholders, the board acknowledges with gratitude the significant contribution to Avon’s growth made by Nick and we wish him a happy retirement.
“We fully understand his wish to leave the executive world behind, dedicate more time to his family and pursue a non‐executive career.”
Chief executive officer Paul McDonald added: “During his four years with Avon Rubber, Nick’s knowledge and experience has been instrumental in helping us reshape the business into a focused world-leading personal protection business through our merger and acquisition strategy and building the infrastructure to support our growth journey.
“I am personally very grateful for his support and contributions, which have earned him the highest respect from shareholders, the board and colleagues. We all thank him and wish him the very best in the next chapter of his life.”
Last week the Avon Rubber announced plans to change its name to Avon Protection during the second half of its financial year to reflect its transformation into a provider of personal protection systems.
The move follows plans to grow its protective equipment division through strategic acquisitions. Last November in acquired US-based Team Wendy, which makes head protection systems for military, law enforcement, search and rescue and the adventure markets, for $130m.
