The Coats Group CEO’s succession plan calls for Paja to replace Sharma

Following Rajiv Sharma’s decision to step down, global thread manufacturer Coats Group has a new CEO. He leaves the company at the end of the year after 14 years, including eight, as CEO.

He will be succeeded by David Paja, who will initially join as Group CEO-designate and Executive Director of the Board on September 1 “following a comprehensive selection process with the support of external advisors.” He will take over from Sharma on October 1 and will remain at the disposal of the board and Paja until the end of the year.

Until recently, Paja was CEO of GKN Aerospace, “where he played a major role in successfully turning around the business and driving profitable growth.” He previously held senior management positions at Aptiv, Honeywell and Valeo.

Coats CEO David Gosnell said: “Rajiv has played a key role in Coats’ transformation since being appointed Group CEO. It will put us in a much stronger position, with a platform to accelerate profitable growth.”

He added: “After conducting a thorough search process, we are thrilled to have found a world-class candidate who has the experience and skills needed to deliver the next stage of the Coats journey.”

Sharma also said: “During my 14 years at Coats, the company was listed on the London Stock Exchange, listed on the FTSE 250, and then transformed into a company focused solely on the B2B industry. A growth strategy based on sustainability, innovation, digital and acquisition is delivering results with industry-leading margins and cash.”