David Hall, the chief executive who has led Doncaster-based Polypipe since 2005, is to retire with a replacement unveiled by the plastic pipe manufacturer.
Hall will be succeeded by Martin Payne, the group’s chief financial officer.
Payne will take on the role from 2 October, when Hall officially retires.
Hall has been the chief executive since 2005, leading Polypipe’s strategy and overseeing its successful listing on the London Stock Exchange in 2014.
Payne has been the chief financial officer since May 2016 after having fulfilled the same role at Norcros plc, a supplier of branded bathroom products. He has also held senior positions at JCB, and at IMI plc, the British-based engineering company.
Payne said: “I am honoured and delighted to have been chosen to lead Polypipe through the next phase of its development. We have talented and committed people across the Group, and I am excited to be working with them to build on the success achieved over recent years.”
The company has also announced that Glen Sabin will occupy the newly created role of chief operating officer, from 2 October 2017.
Sabin will be responsible for the operations of the group, reporting to Payne, and will sit on the board.
A process to appoint a replacement chief financial officer is underway and Payne will continue to oversee the finance function until a permanent successor is appointed.
Chairman Ron Marsh said: “David has played a pivotal role in building Polypipe into the successful business it is today and, on behalf of the board, I would like to thank him for his invaluable contribution to the business and wish him the very best for the future.
“The board conducted a thorough search for his successor, using third party advisers and including external candidates, and agreed that Martin was the outstanding choice.
“His leadership, financial and operational skills, together with his significant experience of public markets and manufacturing of building products, are a great asset to the company.”
Hall said: “It has been a huge privilege to lead Polypipe over the past 12 years through both private ownership and a successful stock market listing in April 2014.
“I am extremely proud of the people within Polypipe and what they have achieved and am confident that shareholders can continue to rely on their capability and enthusiasm going forward.
He added: “I am delighted that the board has decided that Martin should succeed me as CEO and that Glen will join the board as COO.
“Together they have deep knowledge of the business and the industry, possessing the skills and expertise to drive the future development of Polypipe.”
Source: Joshua Hammond, Business Insider, 24th May 2017