31st Mar 2015 06:19
LONDON (Alliance News) - Grainger PLC Tuesday said Chief Executive Andrew Cunningham will retire at the company's next Annual General Meeting in February 2016 after seven years in the role, and it is starting to search for suitable candidates to replace him.
"This announcement is being made now in order to ensure that the board has the necessary time to conduct a search for his successor and to complete an orderly handover to the subsequent CEO," the residential property manager said in a statement.
It added that incoming Chairman Ian Coull will also take a leave of absence from its board after taking further medical advice. In February, the company had said Coull's start date was delayed after Coull received medical advice which will prevent him from taking on the full responsibilities of the role. Senior Independent Director Margaret Ford has been made permanent chairman with immediate effect, having served on the company's board for the past six years.
"I would like to take this opportunity to thank Andrew for his commitment and fantastic contribution to the Company over the past twenty years, building Grainger to the very strong position it is in today. Whilst of course we will be sorry to see Andrew go, we are left with ample time to look for his future successor and ensure an orderly handover," Ford said in a statement.
By Steve McGrath; [email protected]; @stevemcgrath1
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Grainger plc