(Sharecast News) - Packaging firm Mpac revealed on Wednesday that Adam Holland will take over as chief executive on 17 May.
Holland, currently the group's chief operating officer, will succeed long-standing CEO Tony Steels following the group's next annual general meeting and an orderly handover period.
The AIM-listed group's new CEO joined the firm in November from JCB, where he held various senior executive positions.
Chairman Andrew Kitchingman said: "We would like to thank Tony for his very significant contribution to the group since becoming CEO in 2016. Tony has transformed the Mpac business and leaves the group in very strong position with substantial growth opportunities. I would also like to thank Tony for his involvement in his succession planning to ensure a smooth handover to Adam as his successor."
As of 0945 GMT, Mpac shares had slumped 13.48% to 242.25p.
Reporting by Iain Gilbert at Sharecast.com
Mpac Group Plc (MPAC)