4 Sep 2009

Head of Coats to step down

9:51 am on 4 September 2009

The head of the Coats threads business will step down at the end of the year.

Coats is owned by Guinness Peat Group. The company says Mike Smithyman will retire as chief executive on 31 December and will be replaced by Paul Forman.

Mr Forman is currently the chief executive of manufacturer, Low & Bonar.

Sales at Coats have been hit by the global recession. It lost £6 million in the six months to June.