Titanic maker Harland and Wolff’s finance chief leaves company
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 becomes 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. Nearly 1,500 jobs are at risk across the UK.
Harland 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.
Its Aim-listed shares have been suspended since July after it failed to finalise annual accounts for 2023. Unaudited accounts revealed a £43m loss last year.
