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Morgan Advanced Materials scraps COO position

Daniel Cancian

LONDON (ShareCast) - (ShareCast News) - Andrew Hosty is set to step down as the chief operating officer of Morgan Advanced Materials (Other OTC: MCRUF - news) , after the FTSE 250 group deemed the role to be surplus to requirements. In a short statement on Friday, the supplier of technically advanced materials said that following a review of group operations it has decided presidents of its regional divisions will report directly to the company's chief executive, Pete Raby.

As a result, Hosty, who joined the group in 1991 before being appointed on the main board in 2010, will leave the group on 8 January next year.

"I would like to thank Andrew for his considerable contribution to the company over more than 24 years of service, during which he has played a key role in transforming the results and prospects of the businesses he has led, and has helped to give Morgan (Other OTC: MGHL - news) strategic options for the future," said group chairman Andrew Shilston.

Morgan Advanced Materials shares were up 1.13% to 285.30p at 0842 BST on Friday.