LONDON (Oct. 13)—Greg Hutchings has resigned as a director and chief executive of Tomkins P.L.C., the London-based parent of Gates Rubber Co., three days after the launch of an internal review into current and past business practices. The review was in response to ``press speculation and allegations relating to certain board practices,´´ David Newlands, Tomkins´ chairman. Among other things, Hutchings was accused of having family members on the company payroll and of abusing privileges, including unauthorized use of private jets and and of central London apartments, according to various news reports. Newlands has now been appointed executive chairman of the group. Hutchings joined Tomkins in 1983 and within five years had transformed the company into a conglomerate worth more than $5 billion. Tomkins bought Gates Rubber in mid-1996 and since has supplemented it with windshield wiper makers Stant/Trico and Tridon and other buys.
Hutchings quits amid Tomkins´ review
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