Engineering company GKN (GKN.L) chief executive Keith Smith is set to retire at the end of 2011, after nine years at the helm.

He will be replaced by GKN's chief executive of automotive Nigel Stein at the start of 2012.

Smith took over as chief executive in 2003, having joined the board in 1999 as head of the aerospace division.

He said, 'After nine years as chief executive, I feel that the time is right for me to step down with the company now entering a new phase and well positioned to deliver sustainable growth.'

Roy Brown, chairman of GKN, said it had been one of the 'most challenging periods' in its history, with Smith leaving the company in 'tremendous shape'.

He added: 'The board recognises the very significant contribution that Kevin has made to GKN during his 12 years with the company, and particularly during his nine years as chief executive.'

Before joining GKN, Smith had spent more than 20 years at BAE Systems, most recently as managing director of new business.