THE boss of troubled paints and chemicals group ICI yesterday fell on his own sword after falling foul of the City.
Brendan O'Neill stepped down after he had previously assured investors that the company was performing well, but was forced to admit things were less than rosy last month.
In a profits warning to the stock exchange, Mr O'Neill said two of ICI's divisions, Quest and National Starch were in significant difficulty.
ICI, which employs 400 people at Uniqema on Teesside, and other staff at smaller operations of Regional and Industrial and a research facility at Wilton, saw its share price halved almost immediately the news was released.
Mr O'Neill, who joined the company in 1998, agreed to resign following a meeting with the London-based company's board.
He will be replaced by Dr John McAdam, who is an executive director and chairman and chief executive of ICI Paints.
Based on his 12-month rolling contract, Mr O'Neill is likely to pick up about £615,000 in compensation.
ICI has warned of further job cuts, adding that first-quarter profits would also be £16m lower than a year earlier.
Mr O'Neill joined the company from Guinness, becoming chief operating officer before stepping up to the role of chief executive in 1999.
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