Essentra sews up move for zips boss from Coats

Cigarette filters producer Essentra today named Coats boss Paul Forman as its new chief executive to lead a turnaround after two profit warnings.

Forman will join from the zips manufacturer, where he has been at the helm since 2010.

FTSE 250 industrial firm Essentra, which also makes self-adhesive tape, said Forman will join the board in January to succeed Colin Day, who will retire in April.

The appointment follows tough trading in recent months for Essentra, with profit warnings in June and July wiping about 40% from its market value.

The firm said trading in its filters and personal care products divisions had been challenging. Forman will be replaced at Coats by Rajiv Sharma, who is currently a divisional chief executive.

Shares in Essentra rose 15.5p to 516.5p while Coats was down 0.34p to 37.16p.