16 July 2001 00:00 [Source: ICB]
Lyndon Cole, chief executive of Elementis, the UK speciality chemicals company, has resigned by mutual consent.
Jonathan Fry, the group's non-executive chairman, has taken over the helm until a new chief executive is found. The company says that all options are being considered for finding the right candidate.
Fry, formerly the chairman of Burmah Castrol, said that the sudden resignation arose out of disagreement at board level 'on a range of management practices'. The announcement comes ahead of interim results, which are due out on 1 August 2001. The results are anticipated to reflect high US energy prices, which have impacted performance, particularly affecting Elementis Chromium.
###10269###Elementis has been in talks with venture capitalists concerning a take-over bid, but these broke down in May 2001 after the bidders failed to submit an acceptable offer (ECN 14 May 2001).
Industry sources say renewed take-over talks are unlikely without a figurehead.
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