Brendan Horgan, currently group chief operating officer and chief executive of Ashtead’s North American business Sunbelt Rentals, will take over as Ashtead chief executive at financial year-end on 1st May 2019.
Geoff Drabble will retire from the group altogether on 30 November 2019, on the eve of his 60th birthday. His retirement follows closely that of Sat Dhaiwal, who retired as A-Plant chief executive this year after 16 years in post and 26 years with the company.
Brendan Horgan joined Sunbelt in 1996 and became chief executive of Sunbelt and a director in 2011. In January 2018 he was appointed as group operating officer of Ashtead, retaining his responsibilities for running Sunbelt. He is a US citizen and lives in Charlotte, North Carolina.
Sunbelt currently accounts for 87% of Ashtead group revenues.
Ashtead chair Paul Walker said: "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.”
He added: “I would like to congratulate Brendan on his well-deserved promotion to chief executive of the group. Brendan has played a key role in developing and executing Sunbelt's roll out strategy across North America which has delivered many years of exceptional results. I look forward to continuing to work with him on successfully delivering the group's strategy."
Geoff Drabble said: "It has been a privilege to work with the many talented people that make up the Ashtead team. I am grateful to have enjoyed their support in building a world class rental business that has enormous potential to prosper further. I look forward to continuing to work closely with Brendan over the coming months to ensure a smooth handover and I am confident that he will lead the group to even greater success in the future."