Titanic maker Harland and Wolff finance chief leaves company

  • September 11, 2024

Titanic maker Harland and Wolff finance chief leaves company

Titanic maker Harland and Wolff finance chief leaves company
Harland and Wolff’s Aim-listed shares have been suspended since July after accounting issues forced it to delay publishing its annual report.

Embattled Harland and Wolff announced on Wednesday the departure of its chief financial officer, Arun Raman.

The Belfast-based shipyard gave almost no detail in a statement on the London Stock Exchange, but that Raman “had resigned with immediate effect.”

He became the latest top-level executive to depart Harland and Wolff, following the exit of chief executive John Wood in July, chairman Malcolm Groat in August, and two other non-executive directors.

The firm, which built the Titanic in its heyday, has faced a major financial crisis since the new Labour government refused to guarantee a £200m UKEF loan seen as critical to its survival.

It was rescued by US lender Riverstone Credit Partners in August via a £20m extension to an existing credit facility. However, the bail-out is only a short term solution to its financial troubles.

More to follow.