Kevin Appleton is stepping down as chief executive of hire company Lavendon at the end of June after nine years with the business.
Headhunters have been appointed to find a replacement. In the meantime chairman John Standen will act as executive chairman and Jan Astrand, the company's senior non-executive director, will become chief executive of Lavendon’s continental European operations.
Mike Potts and Andy Wright will continue as chief executives of the UK and international operations respectively.
Appleton’s departure follows the conclusion of detailed business and operational reviews over the last six months, during which the board has been discussing with Mr Appleton the subject of leadership succession.
“Given we now have an agreed growth plan for the group, both parties have decided that this is an appropriate time to implement that leadership succession,” the publicly quoted company said in a stock exchange announcement.
Mr Standen said: "I would like to offer the sincere thanks of the board and the wider company to Kevin for all he has achieved in increasing the scale and quality of the business during his nine years with the group. Kevin has been instrumental in leading a full review of the business, and this confirms our belief that there is a strong future for the group, building on the foundations that have already been laid. This is reflected in our current trading performance which, as recently announced, is fully in line with the board's expectations."
Mr Appleton said: "I have greatly enjoyed my nine years at Lavendon, during which time we have built a clear market leadership position. Having navigated the profound market challenges of the last two years I believe the business is well set for a successful future and that this is therefore a good point for me to pursue new challenges. I would like to thank all the staff, customers and business partners of Lavendon for their unstinting support over the past years and wish the Board and the company the very best for the future".
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