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Speedy Hire PLC on Wednesday said that Chief Executive Russell Down plans to retire, after seven years with the company.
Down joined the tools and equipment hire company in 2015 as finance director in April that year, before becoming CEO just months later in July.
During his tenure, the Newton-le-Willows, England-based company said it was ‘transformed’, having grown its service revenue, sold its Middle East operations, and expanded its presence within the small & medium enterprise and retail markets.
Down will continue until a successor is in place. Speedy Hire said it has started the hunt for his replacement and will update markets ‘at the appropriate time’.
Chair David Shearer said: ‘Under his leadership, the business has been transformed and is now well positioned for future growth with an ambitious management team.’
As previously announced, the company expects to report full-year results later this month in line with its expectations.
Shares in the Speedy Hire closed 0.1% lower in London on Wednesday at 47.55 pence.
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