The finance chief of technical products and services provider Diploma plc is stepping down following a “lapse in judgment” at a recent company event, the London-based company said Thursday.
Chris Davies had been in the company’s CFO seat since November 2022, per his LinkedIn profile. His resignation took effect immediately, Diploma officials said in a Thursday news release.
Details on the executive’s actions were sparse as of Thursday morning. Diploma officials said only that his “personal behavior” at an unnamed company event “did not meet the high standards required of the Group’s leadership team.”
The company said his resignation isn’t related to Diploma’s financial performance and won’t affect its guidance for the remainder of its 2025 fiscal year.
Diploma in its 2024 fiscal year recorded total revenue of £1.36 billion, up 14% over the prior year, according to earnings reports.
The company, which says it employs 3,600 people, sells a wide range of products, including fasteners, cables and surgical instruments. In its 2024 annual report, Davies cited the company’s “diversified portfolio” as a growth driver.
“Organic growth is our first priority and each of our value-add businesses drives this through end-market expansion, geographic penetration and product extension,” he said at the time. “Our diverse portfolio of businesses means that this growth is both strong and resilient.”
A media representative for Diploma didn’t immediately respond to a request for comment on Thursday morning.
The incident underscores the fact that executives’ behavior, both on and off the clock, can have major ramifications for businesses.
In July, for instance, the tech firm Astronomer faced a leadership crisis after its CEO and chief people officer were caught hugging on a jumbotron during a Coldplay concert in Massachusetts. Both went on to resign from the company. Such incidents can erode trust in a company at large, HR Dive reported recently.
