Threads manufacturer Coats Group outlines leadership succession plan

Coats Group has announced that its chief executive officer, Rajiv Sharma, will be stepping down from his role and, as such, the threads manufacturer outlined a leadership succession plan.

Sharma, who has been with the production company for 14 years, eight of those in the position of group chief executive, is scheduled to exit by the end of 2024.

In a release, Sharma said it had been a “privilege to lead Coats”, adding that the growth strategy through which it was delivering “industry-leading margins” was “underpinned by sustainability, innovation, digital, and acquisitions”.

In light of his departure, Coats announced that its board, following a “comprehensive” selection process, has appointed David Paja as Sharma’s successor, with the new CEO expected to join the group and become an executive director of the board from September 1.

Paja will then assume Sharma’s responsibilities on October 1, with Sharma to remain available to the board until the end of the year.

Most recently, Paja had been CEO of GKN Aerospace, where he was credited with implementing a successful turnaround of the business and delivering on profitable growth.

Speaking on the appointment, chair of Coats, David Gosnell, called Paja a “world-class candidate who has the experience and skills to deliver upon the next part of the Coats journey”.