Chemring Group announces new Group Finance Director

Defence contractor Chemring Group has appointed Steve Bowers as Group Finance Director, the company reported Thursday.

He will take over from Nigel Young, who has been Interim Chief Financial Officer since last July.

Bowers worked as Finance Director for Umeco, a provider of composite materials to aerospace and defence industries until its acquisition by Cytec UK Holdings in July 2012. He was with the company for 13 years in a number of finance roles.

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Bowers was involved in the disposal of Umeco's Supply Chain division. He became Finance Director upon announcement of the disposal in 2011.

Peter Hickson, Chairman of Chemring, said: "I am delighted to welcome Steve Bowers to Chemring's board. He played a central financial role at Umeco during a period of considerable change, and his excellent knowledge of the international aerospace and defence industries will be of great benefit to the group.

"Following Mark Papworth's recent arrival as Chief Executive Officer, Steve's appointment is another important step in strengthening our executive management team, as we commit to rebuilding operational and financial performance and delivering improved returns for shareholders."

Bowers will step into the role on Monday.

New Group Director of Human Resources Jim Devine also starts Monday.

The FTSE 250 company is a British-based producer of counter-measures and energetics for aerospace and defence security.

RD