Weir names E&Y man Stanton finance chief

WEIR Group has named a senior accountant at Ernst & Young as its new finance director.

Jon Stanton, a partner at the "big four" firm's London office, will take up the role with the Glasgow-based engineering group in the spring once he has completed existing client work.

Stanton will step into the role left vacant by Keith Cochrane, who became chief executive late last year.

The 42-year-old has spent his entire career with E&Y, beginning in Birmingham before a two-year secondment to Detroit.

Promoted to partner in 2001, Stanton has audited the accounts of a number of FTSE 100 companies, including Invensys, Hanson and InterContinental Hotels.

A spokeswoman for E&Y said Stanton had brought "great passion and energy" to the business and that the firm wished him well.

Cochrane, who will today give an update on recent trading at Weir, said Stanton brought significant corporate finance experience, including in mergers and acquisitions, as well as business improvement projects.

"I am delighted to welcome Jon to the board where his financial skills, extensive background in relevant sectors and interna-tional experience will be of great benefit to the group and its continued development," said Cochrane.

Shares in Weir surged last week in anticipation of today's trading statement, but closed down 34p at 798p yesterday.