12:00am Thursday 19th October 2000
Stefan Simmonds is to step down from his post as executive chairman of the Bradford-based Drummond Group.
The move comes after the wool manufacturer was effectively bought out by the global French textile firm Chargeurs.
Chargeurs became majority shareholder after £2 million of new Drummond shares were offered for sale last month.
Mr Simmonds will remain on the board as a non-executive director, making way for Sergio Coimbra, a director of Chargeurs UK - to become non-executive chairman.
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