Shares in Invensys were up on the FTSE 100 in morning trading, following sharp falls yesterday.

Yesterday the group said that its Chief Executive Officer, Ulf Henriksson, would be stepping down with immediate effect.

Mr Henriksson was replaced by the Chief Financial Officer, Wayne Edmunds.

It has been reported that Mr Henriksson was summoned to a board meeting where he was told that his abilities at turning around struggling companies were no longer appropriate for Invensy's future development.

When Mr Henriksson took over the company more than five years ago, Invensys share price was less than half what it is today.

The Chairman of the board, Sir Nigel Rudd, said yesterday, "I am delighted that Wayne has agreed to take on the role of Chief Executive to lead Invensys through the next stage of its development. We have three world class businesses and a management team to match, and I am confident that Invensys is well positioned to continue to deliver value to shareholders.
"I would like to thank Ulf for his hard work and achievements which have delivered a transformation of Invensys. We wish him well for the future."

The sudden change of leadership led to a fall in the group's share price of over four per cent.

This morning however shares improved, rising 2.55 per cent to 349.90 pence per share by 09:50.