BILB.L Share News (BILB)

(Sharecast News) - Bilby told investors on Tuesday that Phil Copolo, its founder and deputy chairman, had decided to retire from the business.Copolo founded P&R Installation in 1978 and grew the business into a leading gas heating business in the South East that was eventually acquired by Bilby at the time of its IPO in 2015.Bilby also revealed that Phil and his son Leigh disposed of their 12.59m shares in the firm to a number of new and institutional shareholders.Janet Copolo retained a 7.2% stake as she is subject to a hard lock-in agreement prohibiting the sale of her shares until 3 September 2019.With Copolo's retirement, Bilby tapped David Ellingham, formerly group finance director, to fill the position.Lee Venables, managing director of Purdy, Bilby's largest subsidiary, also joined the group's board as executive director responsible for all service and maintenance work and Chris Webster, founder of DCB Kent, was given a seat at the table to take care of all the firm's building services.Bilby's non-executive chairman, Sangita Shah, said, "We are delighted at David's appointment as CEO of the group. Under his auspices, we are confident that the business will continue to perform and grow. Equally, we are pleased that Lee and Chris are joining the board."As the driving forces behind the success of Purdy and DCB they are ideally placed to ensure the group continues to effectively take advantage of the significant opportunities that the market continues to present."As of 1135 BST, Bilby shares had picked up 2.50% to 108.65p.