Guiness Peat Group says it appointed the new chair of its subsidiary Coats based on his experience of pensions, which is the issue holding up the group from becoming just a thread-making business.
Mike Clasper, who was formerly chief executive of the British Airports Authority. He has held a number of senior positions at Procter & Gamble, is currently a non-executive director of ITV and chairman of Which, a British consumer research company.
Guiness Peat Group said the group's transition to become Coats is being held up by a review by the British Pension Regulator.
Chair Rob Campbell says the board is confident Mike Clasper will lead the group though its next phase.
He said Mr Clasper is based in Britain which is where the Coats head office is.
Mr Campbell said he's a very experienced business executive who has experience in publicly listed companies there, as well as in dealing with pension issues.
He said Mr Clasper stood out as a very strong candidate to take Coats forward.