Thread giant Coats Plc on Wednesday said its chief executive is to quit in order to pursue other interests.

The company said in a statement Martin Flower will leave at the end of September after more than two and half years.

Gary Weiss of Coats Holdings Plc, the new owners of Coats, said: "It's with regret that we have accepted Martin's resignation. Martin has worked in the business for 35 years and as group chief executive for the last two and a half years.

"The improvement in the thread results during 2002 is a result of the implementation of the successful strategy which Martin has led ... we wish him all the very best in the future."