Global threads producer Coats Group has a new chief executive lined up now that Rajiv Sharma has decided to step down. He leaves the company at the end of the year after 14 years, eight as CEO.

And his replacement will be David Paja who will initially join as Group Chief Executive designate and Executive Director of the Board on 1 September “following a comprehensive selection process, supported by external advisers”. He takes over from Sharma on 1 October, who will remain available to the board and Paja until year-end.  

Until recently, Paja was CEO of GKN Aerospace “where he played a major role in the successful turnaround of the business and delivery of profitable growth”. Prior to this, he held senior leadership positions at Aptiv, Honeywell and Valeo.

Coats chair David Gosnell said: “Rajiv has been instrumental in driving the transformation of Coats since being appointed Group Chief Executive. He will leave us in a much stronger position, with a platform for accelerating profitable growth.”

He added: “Having run a thorough search process, we are excited to have found a world-class candidate who has the experience and skills to deliver upon the next part of the Coats journey.”  
 
Sharma also said: “During my 14 years with Coats, the company was listed on the London Stock Exchange and entered the FTSE 250 and has been transformed into a pure B2B industrial-focused company.  The growth strategy that is underpinned by sustainability, innovation, digital and acquisitions is delivering results, with industry-leading margins and cash.”