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Young quits after LDV sales slump

Steve Young, who resigned just before Christmas 18 months after being appointed chief executive of LDV, has told suppliers it was “for personal reasons”.

He is “pursuing other opportunities”.

Young is reported as saying: “Because of some personal, family reasons, it suits me to leave LDV now. Other factors aside, I would have stayed longer.”

Young, who could not be contacted, quit soon after the Birmingham vanmaker cut production to three days a week in December. It blamed a drop in orders.

His departure was a surprise.

A former Ford executive, Young was part of a new executive team recruited by Russian commercial vehicle maker Gaz in July 2006.

Gaz acquired LDV from Sun, a US private equity group.

Some industry watchers believe Young’s decision is linked to a boardroom reshuffle.

In a statement, Gaz said Young’s replacement as a director of the company was Eugeny Vereschagin, chief financial officer of Gaz power train division.

Martin Leach, executive chairman of LDV, and a former Ford executive, is acting chief executive.

Leach said LDV has been through “enormous change” over the past 18 months, launching new products and making improvements.

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