Hutchings resigns as Tomkins chief
Greg Hutchings yesterday resigned his post of chief executive at industrial conglomerate Tomkins after the group called in auditors from Arthur Andersen to investigate his financial affairs.
The probe was prompted by allegations that Hutchings wife and housekeeper appeared on the company payroll and queries relating to the use of Tomkins-owned London residences and corporate jets.
In the wake of the resignation, new chairman David Newlands said he was now keen ‘to allow the company to move ahead again’.
Shares in Tomkins closed up 2.1% at 168.5p yesterday but fell back to 161.75p this morning.
Hutchings yesterday refused to comment.