Mears Group PLC (LON:MER) has named Kieran Murphy as its new chairman from the start of the new year to replace Bob Holt who is retiring slightly earlier than expected.
The social housing and care firm said Murphy, a financial services veteran who has worked at merchant bank Kleinwort Benson and finance advisory firm Gleacher, will replace Holt on January 2.
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Holt, who has been Mears Group’s chairman since 1996, announced in July that he would not seek re-election at the 2019 annual general meeting after a major shareholder attempted to oust him and appoint an alternative.
Welcoming Murphy, David Miles, Mears Group's chief executive officer David Miles said: "He brings a broad range of valuable experience into the boardroom as we continue to drive the business forward. I look forward to working with him in the years ahead."
The CEO added: "At the same time, we must all recognise the great contribution that Bob Holt has brought to Mears over the past 23 years. His commitment and guidance still underpins much of the business here today.”
In late morning trading, shares in Mears were 3.2% lower at 299p.