Shares of Carlisle-based agriculture and engineering firm Carr’s Group fell as much as 15% on Monday after it announced that Hugh Pelham has stepped down as chief executive officer after only nine months, leaving the group with immediate effect to “pursue other interests.”
Chairman Peter Page has become executive chairman on an interim basis.
Page said: “On behalf of the board we thank Hugh for his contribution since joining at the beginning of the year.
“Group performance remains in line with the improved guidance provided in our trading update on 19 July 2021.
“We look forward to updating shareholders on the group’s progress at the time of our full year results on 22 November.”
Former Wood Group executive Pelham succeeded Tim Davies as CEO in January.
Pelham was formerly global president at Minova, part of Australian-based multinational Orica, a manufacturer and supplier of chemical and mechanical earth control products, adhesives and support equipment.
Prior to this, Pelham spent four years as managing director of Wood Group Industrial Services Limited and also served as President (EMEA) of Wood Group Industrial Services.
Pelham holds a BA in Engineering, Economics and Management from Oxford University and an MBA from Cranfield School of Management.