29th Nov 2018 08:20
LONDON (Alliance News) - Ashtead Group PLC said on Thursday that Chief Executive Officer Geoff Drabble will step down from his role with effect from May 1, 2019 and from the company on November 30, 2019.
He will be replaced by current Chief Operating Officer Brendan Horgan, who is also chief executive of Sunbelt Rentals, Ashtead's North American business and its biggest earner.
Horgan has been chief operating officer at Ashtead since January, and chief executive for Sunbelt for seven years since 2011.
Drabble has been chief executive at the blue-chip equipment rentals firm for nine years since 2007, first joining the group in 2005 as a non-executive director. Over the next few months, Drabble will work to ensure a smooth transition to Horgan.
"It has been a pleasure to work with Geoff and on behalf of the board I want to thank him for his extraordinary contribution to the group. In the past 12 years Geoff has been an inspirational leader, has transformed Ashtead into one of the biggest and most successful rental companies in the world and importantly has delivered significant returns for our shareholders," said Chairman Paul Walker.
Shares in Ashtead were up 1.9% at 1,759.50 pence on Thursday.
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