Weir says CEO to step down; H1 profit down 25 pct

(Reuters) - Pipe and valve maker Weir Group Plc said Chief Executive Keith Cochrane would step down, and reported a 25 percent fall in first-half pretax profit as oil and gas companies cut spending to counter weak commodity prices. Weir named Jon Stanton, the company's finance director, as chief executive designate, to succeed Cochrane from Oct. 1. The Scottish company, which makes valves and pumps for the energy and mining industries, said pretax profit fell to 82 million pounds ($108.09 millio