Chadwick leaving Grafton after 30 years at helm

After more than 30 years at the helm, Grafton Group announced the retirement of Michael Chadwick as non-executive chairman on Thursday.

The FTSE 250 company said Chadwick would step down from the board on 31 December, and would be succeeded by Michael Roney - currently chief executive and a director of FTSE 100 distribution and outsourcing business Bunzl.

Grafton’s board said Roney would join the board as non-executive director, deputy chairman and chairman designate on 1 May, and would assume the role of chairman on 1 January 2017.

"I am very pleased to have the opportunity to join the board of Grafton as Chairman Designate and look forward to contributing to the continued successful strategic development of a great business,” he said.

The company confirmed Roney would retire as chief executive of Bunzl next month after more than a decade in the role.

Prior to joining Bunzl, he was chief executive officer of Goodyear Dunlop Tires Europe, having previously been president of Goodyear’s Eastern European, African and Middle Eastern businesses.

He also remained non-executive director of one of the largest US-based spirits businesses, Brown-Forman Corporation, and was previously non-executive director of chemicals business Johnson Matthey.

"I am delighted that Mike Roney has agreed to accept the role of chairman designate and that the Board has secured the services of someone with the breadth of his international business experience and impressive track record of building long term sustainable growth,” said Chadwick on the appointment.

Chadwick first joined Grafton in 1975, was appointed to the board in 1979, and served as executive chairman from 1985 to 2011, when he became non-executive chairman.

"On behalf of the board, I would like to thank Michael Chadwick for his entrepreneurial leadership of the group through a remarkable phase of growth and development to become an international building materials business and for his outstanding stewardship of the board which will be greatly missed,” said Grafton chief executive officer Gavin Slark.

“The board greatly appreciates that Michael Chadwick has agreed to remain as non-executive chairman until the end of the year which will allow for a smooth transition."