(Reuters) -Britain’s Diploma PLC said on Thursday that finance chief Chris Davies has stepped down after nearly three years in the role due to personal conduct issues, and the company has appointed named Wilson Ng as acting group CFO.
Diploma, a technical products and service distributor, said Davies’ decision to resign came after a recent company event where, “through a lapse in judgement, his personal behaviour did not meet the high standards required of the Group’s leadership team.”
The company said the resignation was not related to its financial performance, but did not provide further details. Diploma maintained its full-year outlook, reaffirming the upgrade it announced in May.
London-based Diploma serves customers in industries like aerospace, medical, industrial automation and construction, and counts Formula 1 and Indy Car among its customers.
Diploma’s shares, which are part of Britain’s blue-chip FTSE 100 index, were down nearly 3% in early trading, compared with a 0.2% decline in the broader index.
Davies did not immediately respond to a Reuters request for comment sent via the networking platform LinkedIn.
Davies joined Diploma in 2022 from transport operator National Express, and had previously held various senior finance roles at companies such as car distributor Inchcape and spirits maker Diageo.
Acting CFO Wilson Ng was previously Diploma’s group financial controller and has held senior finance roles at Spirax and GKN.
(Reporting by Pushkala Aripaka, Unnamalai L and Yadarisa Shabong in Bengaluru; Editing by Nivedita Bhattacharjee and Sherry Jacob-Phillips)
