(Sharecast News) - Construction materials company Brickability announced on Friday that chief executive officer Alan Simpson had decided to retire from his role, and step down as a director.
The AIM-traded firm said he would continue to contribute to the group in a senior capacity, and maintain a significant stake as a shareholder.
Frank Hanna, the current joint chief executive officer of Michelmersh Brick Holdings, would succeed Simpson as Brickability CEO, and would join the board as CEO-designate at a later date.
Brickability said Simpson began as a director of the company in 1996, and had served as CEO after its management buyout in 2016.
He led Brickability through its initial public offering (IPO) in 2019, and orchestrated multiple acquisitions.
The board said Simpson would continue to serve as CEO until Hanna's appointment was effective.
In order to facilitate a smooth transition, he would remain in the CEO position for a minimum of three months, ensuring an orderly handover of responsibilities.
Following this transition period, Simpson would step down as CEO and relinquish his board position, but he would remain associated with the group.
Brickability meanwhile described Hanna as a "prominent figure" in the UK brick industry, with 33 years of experience.
Previously a shareholder and director at Freshfield Lane Brickworks, he played a pivotal role in transforming the business into Europe's largest clamp process brick plant.
In 2010, the company was sold to Michelmersh Brick Holdings, after which Hanna joined the board of Michelmersh and eventually became joint CEO there in 2016.
During his tenure, he orchestrated strategic acquisitions, resulting in an increase in production output from 70 million to 122 million clay bricks and pavers per year.
Hanna also diversified the product range, establishing Michelmersh as a specialist manufacturer of premium brick products.
Frank Hanna also previously chaired both the Brick Federation and the Promotional Working Party at the Brick Development Association.
He was currently a main board member within the association.
"Alan has been instrumental in building Brickability into the business it is today," said chairman John Richards.
"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."
Richards said Simpson would remain a major shareholder, and was committed to ensuring a smooth transition by continuing to work with the group after 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."
At 1258 BST, shares in Brickability Group were up 0.8% at 63p.
Reporting by Josh White for Sharecast.com.
Brickability Group (BRCK)
Michelmersh Brick Holdings (MBH)