Ashtead Group Plc (LON:AHT) today announced that Geoff Drabble has decided to step down from his role as Chief Executive at the end of the current financial year on 1 May 2019 and to retire from the Group on 30 November 2019. He will be succeeded on 1 May by Brendan Horgan, currently Group Chief Operating Officer and Chief Executive of Sunbelt Rentals the Group’s North American business which accounted for 87% of the Group’s revenue in the last financial year. Geoff will work closely with Brendan and the Board over the next few months to ensure a smooth transition and be available thereafter to support the business until he leaves the Group.
Paul Walker, Chair of Ashtead, commented:
“It has been a pleasure to work with Geoff and on behalf of the Board I want to thank him for his extraordinary contribution to the Group. 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.
I would like to congratulate Brendan on his well-deserved promotion to Chief Executive of the Group. 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.”
Geoff Drabble, Chief Executive, said:
“It has been a privilege to work with the many talented people that make up the Ashtead team. I am grateful to have enjoyed their support in building a world class rental business that has enormous potential to prosper further. I look forward to continuing to work closely with Brendan over the coming months to ensure a smooth handover and I am confident that he will lead the Group to even greater success in the future.”
Brendan Horgan, Chief Executive designate, said:
“I am honoured that the Board has chosen me to succeed Geoff as CEO. I believe the group has a tremendous future as it continues to expand and look forward to working with the team to capture the enormous opportunities we see ahead.”