Birmingham van maker LDV boss Steve Young resigns

Dec 21 2007 By Jon Griffin, Birmingham Mail

LDV Chief Executive Steve Young has resigned from the Birmingham van maker - less than 18 months after his appointment.

Mr Young, who was appointed chief executive and director of the company when Russian group GAZ acquired the firm in July 2006, has left to "pursue other opportunities in the industry."

His replacement as a director of the company will be Eugeny Vereschagin, chief financial officer of GAZ Power Train Division. Announcement of a new chief executive will follow.

Mr Young's resignation comes with LDV workers on a three-day week. The Washwood Heath factory has slashed weekly output by 80 vans to meet declining seasonal demand.

Temporary agency staff have also been laid off as the firm battles to ease the impact of lower customer demand for vehicles over the winter months.

The company has reduced production levels from 320 vans a week to 240 after its UK sales fell by more than eight per cent in October.

Meanwhile, it was announced that Martin Leach, executive chairman, will act as interim chief executive.

Mr Leach said: "The business has gone through enormous change over the last 18 months, with new products, new markets and significant improvements across the board in all aspects of performance.

"Steve provided invaluable leadership in these changes, whilst building confidence in LDV and the MAXUS product as a real alternative to the major players in the light commercial vehicle market."

Mr Young said: "I am confident that LDV will continue to develop and satisfy an increasing number of informed customers around the world."