Weir Group PLC (LSE:WEIR) shares fell 7.2% to 2,566p after the group announced the departure of chief executive Jon Stanton alongside a steady first-quarter update.
Stanton will stand down on 1 August after ten years as CEO, to be succeeded by Andrew Neilson, currently head of the FTSE 100 mining engineer's minerals division.
Stanton said: "It has been an immense privilege to lead Weir but after ten years and with the company in great shape it is the right time for a leadership transition."
The update came as Weir reported 4% growth in orders for the first quarter, with aftermarket demand and orders for US-based ESCO driving performance.
Original equipment orders rose 1%, while aftermarket orders increased 4%, reflecting strong mining activity despite some disruption at sites.
Guidance for the full year was reiterated for growth in constant currency revenue, operating profit and margins, with cash conversion of 90% to 100%.
Weir said its pipeline of large mining projects remains strong, with increased activity expected later in the year, though it flagged uncertainty linked to the war in the Middle East.
Incoming chief executive Neilson said he was “incredibly honoured” to take on the role, suggesting no big changes were coming as the group is "uniquely positioned to support our customers in meeting global critical mineral needs" and has "the right strategy to deliver for all our stakeholders".