David Price, the Chief Executive Officer (CEO) of FTSE 250 defence group Chemring has resigned with immediate effect, the company announced on Tuesday morning.

Chemring, which makes pyrotechnics, explosives, munitions and countermeasures, has appointed Mark Papworth, a former Wood Group executive, as Price's replacement.

Price has been Chemring's frontman since 2005 and has overseen the company's promotion to the FTSE 250.

Meanwhile, Papworth worked at FTSE 100 firm Wood Group as the CEO of its Gas Turbines Services division from 2005 and was also an executive director on the board from 2006.

"His career has covered high technology, service and manufacturing companies serving aerospace, energy and infrastructure markets. During his tenure at Wood Group he implemented and delivered a strategic review which resulted in a successful turnaround, improved manufacturing capabilities and substantial improvements in profitability," Chemring said.

Papworth also held senior positions at Rolls-Royce and Alstom Power.

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