Glasgow-based engineering firm Weir Group said Keith Cochrane will step down as chief executive after 10 years on the board.

Finance director Jon Stanton will succeed Cochrane on October 1, 2016.

Weir said Stanton was appointed after it “assessed external and internal candidates.”

Cochrane will step down from the board at the end of September but will remain at the firm until the end of December 2016, when his employment with the company will end.

On June 30, Weir said chief operating officer Dean Jenkins would step down from its board on September 30 and his employment with the group will cease on December 31.

Weir said Jenkins wanted to spend more time with his family and be based in Australia.

Stanton joined Weir in 2010 as group finance director and has worked closely with Cochrane on the strategic and operational development of the business.

Before joining Weir, Stanton was a partner at Ernst & Young advising several large international businesses.

Charles Berry, Weir chairman, said: “Keith has demonstrated strong leadership over the last seven years and the substantial progress we have made during that time has been achieved through his passion, drive and determination.

“He has strengthened the group’s market position, extended our product portfolio and developed a customer-focused business model which is both robust and agile in responding to changing market conditions.

“He leaves Weir in very good shape with a clear and successful strategy, strong operational performance and an experienced and capable leadership team.

We are grateful for all he has done, and when he steps down, it will be with our very best wishes.

“Succession planning is a key task for the board and we have carefully considered the attributes we require in the new chief executive of the Weir Group.

“Having assessed external and internal candidates, we are delighted that Jon will step up to the role.

“He has a strong track record both during his time at Weir and in his previous career and has developed a deep understanding of Weir’s culture, operations and markets.

“The board is confident that Jon will be highly successful as he leads the business forward.”

Cochrane said: “It has been an honour to lead Weir and I am very proud of what we have achieved in the last 10 years.

“This is a great business with great people and I would like to thank everyone who has contributed to the success we have achieved.

“I know they will give Jon their full support as he takes the business forward. I wish him and Weir every success in the future.”

Stanton said: “Weir is a special company and I am delighted to have been chosen to lead it through the next phase of its development.

“We have a very talented team and I am excited about working together to build on the success achieved over recent years.”