Heejae chae biography of michael

The chief executive of wound and tape specialist Scapa has changed his mind about leaving the business.

Last month the Manchester firm said that chief executive Heejae Chae had decided to leave his post.

This morning the firm announced that Mr Chae has decided to retract his intention to step down and will remain as group chief executive.

The news comes as the company continues to take legal action to deal with the loss of a major contract.

Scapa is planning to take legal action against Convatec after it pulled out of the multi-million pound contract.

Scapa says it has taken steps to reduce the estimated impact on revenues and trading profit.

Following a reduction in direct labour the estimated exposure to revenue and trading profit in the next 12 months is expected to be £28m and £13m the following year.

The figure includes the impact on other facilities which supply materials for ConvaTec products in K