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Eurocell CEO steps down with immediate effect
(Sharecast News) - London-listed door and window manufacturer Eurocell has announced the abrupt exit of chief executive Darren Waters after three years in the role. Waters, the former Tyman boss who was appointed in May 2023, is to step down "with immediate effect", Eurocell said in a statement on Monday afternoon.
Waters' exit comes just two weeks after the firm said it was focused on operational improvements and cost reduction initiatives amid ongoing subdued trading conditions.
Will Truman, the non-executive director who in November was named as Eurocell's next chief financial officer following the planned retirement of CFO Michael Scott this spring, has now been moved into the CEO position to succeed Waters.
Meanwhile, Scott has agreed to postpone his retirement as the board launches another search to find his replacement.
"The board believes that to achieve our strategic objectives in this critical year it is in the best interests of the company to have surety of leadership and a seamless handover, therefore the board has appointed Will Truman as CEO commencing immediately," Eurocell said.
The company's stock was down 1.9% at 129p by 1504 GMT.
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