Grainger's CEO to step down in 2016

Residential group Grainger confirmed that its chief executive, Andrew Cunningham, will step down from his role in February 2016.In a statement released on Tuesday, the FTSE 250 group said the board had already begun research for a replacement.Meanwhile, senior independent director Margaret Ford has been appointed as chairman with immediate effect, following Ian Coull's decision to step down from his role on the grounds of medical advice."I would like to take this opportunity to thank Andrew for his commitment and fantastic contribution to the company over the past twenty years, building Grainger to the very strong position it is in today," Ford said in a statement.Grainger shares were down 0.33% to 210.00p at 08:40 on Tuesday. Grainger plc