(Correcting spelling of GKN Aerospace.)

Coats Group PLC on Thursday revealed the company’s succession plan for its outgoing head Rajiv Sharma.

Chief Executive Rajiv Sharma has for eight years led the London-based manufacturer of industrial thread for the footwear and apparel industries.

With Sharma deciding to step down from his role later this year, the board has appointed David Paja, former head of GKN Aerospace, part of Melrose Industries PLC, as successor.

Paja will join the board on September 1 and assume his new role the following month.

Chair David Gosnell commented: ‘[Sharma] will leave us in a much stronger position, with a platform for accelerating profitable growth... Having run a thorough search process, we are excited to have found a world-class candidate who has the experience and skills to deliver upon the next part of the Coats journey.’

Sharma will remain available to the board until the end of the year.

Coats shares were up 1.9% to 86.30 pence each in London on Thursday afternoon.

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