LONDON — Dawson International PLC ousted its two senior executives Tuesday and announced 500 job cuts following five years of patchy performance.
Sir Ronald Miller, the chairman, and Nick Kuenssberg, managing director, were fired following pressure for change from institutional investors. Miller had been with Dawson since 1968 and chairman since 1982. Kuenssberg joined Dawson in 1991 as head of its knitwear operations and was named managing director in April 1994.
Miller is being succeeded by R. Derek Finlay, who was a nonexecutive director of the company and reportedly oversaw the board’s decision to change management. Finlay, 62, retired in 1993 from H.J. Heinz, where he was senior vice president of corporate development and chief financial officer.
Peter Forrest, 56, is succeeding Kuenssberg. Forrest was chairman of the company’s Cashmere Group of knitwear and textiles businesses. He joined Dawson in 1991 as corporate development director.
Dawson said it will appoint a chief executive in due course. Prior to that, Finlay will assume direct responsibility for Dawson’s U.S. businesses while Forrest will oversee the other operations.