Marshalls PLC (LSE:MSLH) has paved the way for a new boss, with the appointment of a chief executive designate to succeed Martyn Coffey as he prepares to step down in February.
The maker of block paving and other hard landscaping products said it has appointed Matt Pullen as a director, joining the board from 8 January and taking over as CEO from 1 March 2024.
Coffey will remain available as an adviser during 2024, the FTSE 250 company said.
Pullen stepped down as chief operating officer of Genuit Group PLC (LSE:GEN) earlier this year after working on its turnaround, and before that led several business transformations as a managing director of British Gypsum, following eight years at AkzoNobel.
Chair Vanda Murray said Coffey has "transformed" Marshalls during his 10 years in charge, growing organically and through acquisitions.
However, there has been a succession of profit warnings in the past year, amid tough conditions in the building sector, leading to the company carrying out a downsizing effort and still eyeing further cuts.
Shares in the company fell 0.6% to 246.7p on Wednesday morning, where they are up over 24% from the nine-year low in October.