(Alliance News) - Brickability Group PLC on Friday said Chief Executive Alan Simpson plans to retire, but will remain in a senior capacity.
The Bridgend, Wales-based construction materials distributor said Simpson will be succeeded as CEO by Frank Hanna, the current joint-CEO of Michelmersh Brick Holdings PLC. Hanna will initially join the board as chief executive designate.
Simpson, CEO since 2016 and director since 1996, will step down following a transition period of up to three months.
The firm said Hanna is a "prominent figure" in the UK brick industry, with experience at Freshfield Lane Brickworks and Michelmersh.
Chair John Richards said: "Alan has been instrumental in building Brickability into the business it is today. Alan has overseen monumental growth, navigating the business through many cycles and challenges, and has imprinted an entrepreneurial and collegiate spirit on the group which has been a key to its success. Alan remains a major shareholder of the group, is committed to ensure a smooth transition and will continue to work with the group post his stepping down.
"I am delighted to welcome Frank to the Brickability family. Having known Frank for a long time, he brings a wealth of experience and is the perfect person to lead the group as it continues to grow."
Michelmersh Brick, said Hanna will work his 12 motnhs contractual notice at the West Sussex, England-based brick maker, and is set to leave in May next year.
Following Hanna's departure, joint CEO Peter Sharp will become the firm's sole CEO.
Sharp said: "Frank has been an excellent [joint-CEO] of Michelmersh and a highly valued colleague and member of the board. Together, we have taken Michelmersh on a significant transformation journey since 2016 and he will be leaving with our sincere thanks for his immense contribution to building a business with strong fundamentals, underpinned by the longevity and depth of our customer relationships, on whom together we have always focused on delivering an excellent service and product."
Brickability shares fell 0.5% to 62.17 pence each in London on Friday morning, while Michelmersh shares were down 0.1% at 92.45p each.
By Harvey Dorset, Alliance News reporter
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Brickability Group (BRCK)
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