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Luft leaves Crown Paints

Published: 16 October 2008
Less than two months after a management buyout of the paint company is announced, the chief executive makes a surprise exit.
Crown Paints has released a statement confirming chief executive Howard Luft's departure.

It read: "We can confirm that Howard Luft is no longer with Crown Paints and, on behalf of the company, we would like to thank him for his efforts within the business.

"It is company policy not to comment on the employment status of any individual employee of Crown Paints, therefore there will be no further statement."

In August this year the management team of Crown Paints, made up of Howard Luft (ceo), Eric Mullholland (finance director) and Joe Devitt (retail director) lead a buyout of the paint brand backed by UK-based investment company Endless LLP.

The team, along with Warwick Ley of Endless and a new non-executive chairman, Graham Hallworth, were charged with taking the business forward and, said Mr Hallworth, to "increase sales further and take advantage of market opportunities."

Crown Paints has yet to comment on the reasons behind Mr Luft's unexpected departure.

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