Polypipe to replace CEO in board reshuffle, results in line

Piping and ventilation firm Polypipe Group has announced that chief executive David Hall has stepped down after 12 years in the role, with finance chief Martin Payne due to take the reins in October.

The FTSE 250 group also confirmed that it was on track to achieve expectations for the full year.

In a trading update ahead of its AGM on Wednesday, Polypipe said it generated revenue of £157.8m for the first four months of 2017, 6% higher than the same period in 2016.

Hall, who oversaw the company’s debut on the London Stock Exchange in 2014, is stepping down as part of a wider reshuffle of Polypipe's board, where a new chief operating officer position will be created and filled by the head of the firm’s plumbing and drainage business, Glen Sabin.

Polypipe has not yet appointed a replacement CFO to take over from Payne.

Outgoing CEO Hall said: "It has been a huge privilege to lead Polypipe over the past 12 years through both private ownership and a successful stock market listing in April 2014."

Payne added that he was looking forward to the challenge of leading the company in the coming years.

"I am honoured and delighted to have been chosen to lead Polypipe through the next phase of its development. We have talented and committed people across the Group, and I am excited to be working with them to build on the success achieved over recent years," Payne said.

The FTSE 350-listed firm was 0.56% lower at 424.30 as of 08:22 BST on Wednesday.