Morgan Advanced Materials scraps COO position

2nd Oct 2015 08:27

(ShareCast News) - Andrew Hosty is set to step down as the chief operating officer of Morgan Advanced Materials, after the FTSE 250 group deemed the role to be surplus to requirements.In a short statement on Friday, the supplier of technically advanced materials said that following a review of group operations it has decided presidents of its regional divisions will report directly to the company's chief executive, Pete Raby.As a result, Hosty, who joined the group in 1991 before being appointed on the main board in 2010, will leave the group on 8 January next year."I would like to thank Andrew for his considerable contribution to the company over more than 24 years of service, during which he has played a key role in transforming the results and prospects of the businesses he has led, and has helped to give Morgan strategic options for the future," said group chairman Andrew Shilston.Morgan Advanced Materials shares were up 1.13% to 285.30p at 0842 BST on Friday.