Harland & Wolff Group Holdings PLC (AIM:HARL) chief executive John Wood has taken a leave of absence after the government confirmed it would not guarantee a £200 million loan for the troubled Belfast shipbuilding group.
The loan was considered vital to ensure the business could continue and although talks are ongoing with the lender a merchant bank has been appointed to consider the strategic options.
This might involve putting the business up for sale though the company said it hopes to secure new finance within the next few days.
Russell Downs, a restructuring expert, is joining the firm as interim executive chairman.
In a statement, the company said: "He is well placed to lead the Board at this time as it seeks to complete a recapitalisation intended to give the company a sustainable financial footing into the medium and long term."
UK business secretary Jonathan Reynolds will make a parliamentary statement about the shipbuilder on Monday.
Harland and Wolff came out of administration in 2022 after winning a contract to build three Royal Navy support ships.