The company thanked Davies for his “diligent work” over the last 30 months – a difficult period for the specialist castings and precision engineering group.
Chairman Keith Butler Wheelhouse said: “On behalf of Chamberlin, I would personally like to take this opportunity to thank Neil for his significant contribution to the company.”
In the announcement, Chamberlin said it was “continuing to reduce costs and streamline the organisation in line with revised levels of revenue”.
It added that it expects the new management structure will be in place by June 1.
Last month it was reported that Kevin Price, operations director of the group’s foundry and machining facility, will replace Kevin Nolan as chief executive.