John Foster managing director demoted
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Your support makes all the difference.DAVID ALLEN, managing director of John Foster, the loss-making textiles company, has been elbowed aside in a management shake-up. Mr Allen returns to his previous role, in charge of sales and marketing at the Yorkshire firm of Black Dyke Mills fame, writes John Murray.
He led a new management team installed in late 1990 to turn round the ailing worsted and mohair cloth manufacturer. His partner, Graham Creswick, resigned as finance director in August to become managing director of Esprit Systems, but remains a non-executive director.
A new vice-chairman, Barry Spencer, former chairman of Parkland Textiles, has been brought in to reshape the management team. He has appointed Peter Giles as general manager.
A company spokesman said Mr Spencer was searching for a new chief executive for Foster. It is understood that Mr Giles is unlikely to take up that role.
Mr Spencer was recruited by the chairman, Victor Watson, one of Yorkshire's leading business figures, who, until his recent retirement, was chairman of John Waddington, his family company.
It is understood that Mr Watson feels the management at John Foster needed strengthening. The company is due to report interim results next month, but it is understood that the changes are not connected to any unexpected deterioration in its performance.
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