Chris Gates has stepped down as managing director of Plymouth luxury boat-builder Princess Yachts after 11 years in the job and 30 at the firm.
The former apprentice announced he is quitting the top job just day after the firm announced a record profit of £30million.
Mr Gatess will remain with the company as a special advisor to Antony Sheriff, who will continue as chief executive and executive chairman.
Meanwhile, Matt Pears has joined the executive team and board as chief operating officer and has been appointed to oversee the yacht firm’s manufacturing, supply chain and quality operations.
Mr Gates decided to use his 30-year milestone to cease being MD, a post he has held since 2008, and Mr Sheriff said: “Chris’s contribution to our company’s success is immeasurable and it is fitting that Chris’s last year as MD has been the most successful in our company’s history.
“We are grateful to retain Chris’s enormous experience within Princess in his new role.”
Mr Gates started his working life in 1981 learning on day-release and at night-school at what was then the College of Further Education, now named City College Plymouth.
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That was while he was working at the large US engineering company Gleason Cutting Tools. He completed a HNC in mechanical and production engineering at the college in 1981 and worked for the toolmaker, which closed its Plymouth operation in 2010 with the loss of 80 jobs, until 1989.
He then joined Princess Yachts as a production controller, and went on to become manufacturing director in 1991 and ultimately managing director.
He was one of five inspirational and high-achieving further education alumni handed prestigious Association of Colleges’ (AoC) Gold Awards in 2018.
Mr Gates was recognised for his achievements at a well-attended presentation ceremony at the House of Commons.
The national awards celebrate the success of further education alumni and acknowledge the vital role colleges play in building the foundation of successful careers.
Other winners include Jamie Oliver, Colin Firth, Jimmy Choo, Alan Titchmarsh, Deborah Meaden, Baroness Warsi – and Plymouth’s own Charleine Wain.
Manufacturing news
Princess Yachts employs 3,200 people in Plymouth and has just revealed it made a £30million operating profit in 2018 on turnover of £340million.
The Stonehouse headquartered company has set new records for yacht sales and employment and is celebrating its most successful year in its 54 year history with forward orders worth £700million and stretching through 2020.
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