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Chemring boss resigns with immediate effect
The chief executive of Hampshire-based defence firm Chemring, which is the target of a potential takeover by US private equity group Carlyle, has resigned with immediate effect.
Dr David Price (below) will be replaced by Mark Papworth, who previously headed the gas turbines division at Wood Group, on November 5.
A spokesman said: “The board feels that a change in leadership maximises the strength of the company's position.”
Chemring revealed it had received a “highly-preliminary expression of interest” from Carlyle in August.
Under the takeover code, Carlyle has until November 9 to make a firm offer or walk away.
Chemring did not disclose what compensation Mr Price will receive. He received a base salary of £525,000 last year.
The Whiteley based firm, best known for making flares and other countermeasures, reported a fall in profit for the first six months of the year, hit by delays in US orders.