Grainger plc Regulatory News (GRI)

6 Oct 2009 07:00



6 October 2009

Grainger plc ("Grainger" or the "Company")

DIRECTORATE CHANGES

Grainger announces that, with effect from 20 October 2009, its Chief Executive, Rupert Dickinson, will be standing down from his role and resigning from the Company's board for reasons of ill health. Rupert has endured a difficult year involving hospitalisation and lengthy treatment. This has unfortunately rendered him unable to continue the strenuous duties as chief executive of a public company. 

Rupert started his career with Richard Ellis. He joined Grainger in 1992 and became Chief Executive in 2002. During his tenure the Company has been a strong performer within the sector with substantial growth to a large extent brought about by his leadership including the acquisition and integration of Bradford Property Trust from 2001-2003. Rupert also played an important role in the restructuring of the Company in 2008 to help take it through the current recession.

Grainger also announces today that it has appointed Andrew Cunningham, Grainger's Deputy Chief Executive and Finance Director, as the Company's new Chief Executive. Andrew has been serving as the Company's Acting Chief Executive since May 2009 and has been a director since 1996.

The Company has commenced the search for a new Property Director and Finance Director and shareholders will be updated as appropriate.

Robin Broadhurst, the Chairman of Grainger, commented:

"Rupert has made a substantial mark on the Company for which the board are very grateful. He leaves with our best wishes for the future and for a full recovery.

"Andrew's experience as the Deputy Chief Executive and Finance Director - and more recently the Acting Chief Executive - of Grainger makes him the ideal successor to Rupert and we would like to take this opportunity to welcome him to his new position."

-ENDS-

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