Ultra Electronics losing group finance director

Mary Waldner confirmed she was departing Ultra Electronics on Thursday, leaving her post as group finance director.

The FTSE 250 firm said Waldner was leaving to become the group CFO at Lloyds Register, a privately-held global engineering, technical and business services organisation.

She would leave Ultra on 16 March, with the board confirming a process to identify a new finance director was underway.

"The board take this opportunity to thank Mary for her significant service to Ultra over the past three years," it said in a statement.

In the interim, Ultra's board said the functions of group finance director would be undertaken by Ami Sharma.

Sharma would not be appointed to the board, and would report directly to the chief executive.

He was previously group financial controller at Ultra from 1999-2005, as well as group finance director at Gibbs and Dandy, and a divisional finance director at Saint Gobain.

Sharma was previously an audit manager with KPMG in London, and qualified as a chartered accountant in 1993, the board confirmed.