Last checked at 31 Mar 2015 07:00
31 March 2015
Grainger plc
("Grainger" or the "Company")
Director Succession Planning
The Board of Grainger plc announces today that the CEO Andrew Cunningham has informed the Board of his intention to retire from Grainger at the next Annual General Meeting of the Company in February 2016. Andrew will have been with Grainger for nearly twenty years, and will have been CEO for seven. This announcement is being made now in order to ensure that the Board has the necessary time to conduct a search for his successor and to complete an orderly handover to the subsequent CEO. The Board of Grainger will now initiate a process to identify suitable candidates for succession to the CEO role.
In respect of the chairmanship of Grainger and further to the announcement made on 5 February 2015, pursuant to additional medical advice given to Ian Coull, the Board has agreed that Ian will take a leave of absence from the business of the Board. The Board has therefore appointed Baroness Ford, currently Senior Independent Director, as permanent Chairman with immediate effect. Margaret Ford has served on the Board of Grainger for the past six years and has over twenty-five years' experience in the residential property sector.
Baroness Ford, Chairman of Grainger, said:
"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. Whilst of course we will be sorry to see Andrew go, we are left with ample time to look for his future successor and ensure an orderly handover."
For further information, please contact:
| |
Grainger plc | FTI Consulting |
Baroness Ford c/o Adam McGhin Group Counsel and Company Secretary
Telephone: +44 191 261 1819
| Dido Laurimore / Ellie Sweeney
Telephone: +44 (0) 20 3727 1000 |