Ashtead Group PLC (LON: AHT) on Thursday said CEO Geoff Drabble will step down next year from the role at the equipment rentals company, and named the head of its North American business as Drabble’s successor.
Drabble will leave as CEO of the FTSE 100 firm at the end of the financial year on May 1, 2019. Brendan Horgan, currently the head of the group’s North American business, Sunbelt Rentals, will then take over as CEO.
READ: Ashtead profits soar on growing demand in equipment rental market
Drabble will work with Horgan and the board over the next few months to ensure a smooth transition, said Ashtead, adding that Drabble will retire from the company on November 30, 2019.
Paul Walker, Ashtead’s Chairman, said: “In the past 12 years Geoff has been an inspirational leader, has transformed Ashtead into one of the biggest and most successful rental companies in the world and importantly has delivered significant returns for our shareholders.”
Sunbelt Rentals, whose equipment range includes forklifts and power generators, accounted for 87% of Ashtead’s revenue in the last financial year, Ashtead said in a statement.
Walker added: “Brendan has played a key role in developing and executing Sunbelt's roll out strategy across North America which has delivered many years of exceptional results. I look forward to continuing to work with him on successfully delivering the Group's strategy."
Shares of Ashtead rose 1.7% to 1,757.00p in early Thursday morning action.