Aero Inventory replaces chief exec
Nov 03, 2009
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Aero Inventory says that its stock problems are worse than first thought and the board is reviewing the position of chief executive Rupert Lewin along with two of his fellow executive directors.
Business development director Colin Trupp becomes acting chief executive and Swag Mukerji has come in to oversee the financial operations.
Lewin, chief operating officer Martin Dodge and finance director Hugh Bevan are having their positions reviewed by the board.
The aero parts inventory manager has discovered that the stock problems do not just cover their book values but also stretch to the number of parts physically in stock.
The board is reviewing the accuracy of financial reports provided to banks and has already warned that the problems could affect the 2007-08 and 2008-09 accounts. A large write-down is a possibility. The company is still in talks with its banks over ongoing financial support.
The shares were suspended on 26 October at 264p each, which valued Aero Inventory at £138.31m.
Aero Inventory had intended to switch from AIM to the Main Market.
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