Harland & Wolff CEO resigns

Harland & Wolff, the UK shipbuilder known for constructing the Titanic, is facing a financial crisis after the government denied a crucial £200 million loan guarantee, prompting CEO John Wood to take an immediate leave of absence. The company has engaged Rothschild & Co to explore strategic options, including potential sale, as it seeks to secure alternative financing amid ongoing discussions with its current lender, Riverstone Credit Management. Russell Downs, a restructuring expert, has been appointed as interim executive chairman to guide the company through this challenging period and complete a necessary recapitalization. The situation has raised concerns among local stakeholders, with MP Gavin Robinson urging the government to clarify its plans to ensure job security at the yard. Harland & Wolff's financial difficulties come after its previous revival from administration in 2019, when it was acquired to undertake major contracts, including building Royal Navy support vessels. A parliamentary statement from the business secretary regarding the company's future is expected soon.