The chief financial officer (CFO) at Diploma, Chris Davies, has resigned from the role and will step down from the firm’s board with immediate effect.

The FTSE 100 technical products and services supplier said that the decision follows a recent company event where, "through a lapse of judgement", his personal behaviour did not meet the high standards required by the firm’s leadership team.

Diploma added that his resignation is unrelated to the firm’s financial performance and its guidance for its 2025 financial year remain unchanged.

The firm has announced that its group financial controller, Wilson Ng, has been appointed as acting CFO.

Ng joined Diploma as group financial controller in 2022 and has over 20 years of international finance experience. He joined the firm from Spirax Group, where he held the position of divisional finance director for steam specialities.

He also held a number of senior finance roles at GKN plc, including a tenure in Asia Pacific.

Diploma concluded that a process to identify a permanent successor is being initiated.

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