Melrose co-founder signals exit in aftermath of GKN deal

David Roper was the chief executive for nine years, from the company's floatation in 2003 to 2012, before stepping up to his current role of executive vice chairman.

Mr Roper, who set up Melrose with Christopher Miller and Simon Peckham, will leave the business on May 31 2020.

Melrose's takeover of GKN in 2018 drew intense union and political anger.

Its victory earlier last year brought to a close a bitter battle that had raged for months, with unions and MPs warning over job cuts, asset-stripping and national security concerns throughout the takeover saga.

GKN has a wheels and structures plant at the Hadley Castle Works in Telford as well as other factories dotted around the Midlands, with about 1,000 workers.

In an update to the London Stock Exchange ahead of its annual general meeting, Melrose added that it is trading in line with the board's expectations.

The statement added: "Consistent with the recent commentary given at the year-end results announcement in March and the Capital Markets Event on April 3 this year, good progress is being made in delivering the operational improvements required in our businesses and specifically to achieve the GKN margin objectives disclosed at the Investor Event."

Chairman Justin Dowley said: "We have recently laid out our targets for GKN which are better than those we indicated only one year ago at the time of the acquisition, and which come on the back of a stronger performance than expected in the first year of ownership.

"We are delighted to keep investing in all our businesses, including Nortek and Brush, and look forward to another year of progress.

"The businesses we own have very valuable qualities and characteristics, and we look forward to maximising their potential."