Diploma finance chief quits after ‘lapse of judgment’ at company event

The finance chief of Diploma has quit the FTSE 100-listed business after an incident at a recent event, the company announced.

Chris Davies has resigned, with immediate effect, and the firm has launched a search for a new chief financial officer.

Diploma said in a statement: “This decision follows a recent company event where, through a lapse in judgement, his personal behaviour did not meet the high standards required of the group’s leadership team.”

The company did not give details as to the nature of the issue but it is understood to be an isolated incident.

Diploma said the resignation was unrelated to the company’s financial performance and the forecast for its yearly earnings had not changed.

Mr Davies was hired three years ago, moving from coach operator National Express.

The FTSE 100 company supplies technical equipment including filters, specialised wiring and fasteners, and made a pre-tax profit of £177 million in the year to the end of September.

Mr Davies will be replaced by Wilson Ng, the group’s current financial controller who joined from Spirax Group, on a temporary basis.

Diploma said it had launched a search process to find a permanent successor.

The company’s share price was down by about 3.5% on Thursday following the announcement.