31.05.2011

Appleton to step down at Lavendon

Kevin Appleton chief executive of UK based international powered access rental company the Lavendon group, is to step down at the end of June.

The process to appoint a successor has already commenced with a search consultancy engaged. Prior to the appointment of a new chief executive, John Standen will become executive chairman and Jan Astrand, the company's senior non-executive director, will become chief executive of the company's continental European operations. Mike Potts and Andy Wright will continue as chief executives of the UK and international operations respectively.
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Kevin Appleton

A statement from the company said: “Today's announcement follows the conclusion of detailed business and operational reviews over the last six months. As these business and operational reviews developed, the Board has been discussing with Kevin Appleton the subject of leadership succession to see the group through to the next level of its development. Given we now have an agreed growth plan, both parties have decided that this is an appropriate time to implement that leadership succession.”

“We have continued to make good progress with regard to future strategy and long term growth for the Company, and the Board is increasingly confident that we will deliver the improvements identified in the reviews. Trading during April has been in line with the Board's expectations, despite the disruption caused by the extended public holiday period in the UK, and we look forward to being able to report further progress in the coming weeks.”
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John Standen

Standen said:"I would like to offer the sincere thanks of the board and the wider company to Kevin for all he has achieved in increasing the scale and quality of the business during his nine years with the Group. Kevin has been instrumental in leading a full review of the business, and this confirms our belief that there is a strong future for the Group, building on the foundations that have already been laid. This is reflected in our current trading performance which, as recently announced, is fully in line with the Board's expectations."

Appleton added: "I have greatly enjoyed my nine years at Lavendon, during which time we have built a clear market leadership position. Having navigated the profound market challenges of the last two years I believe the business is well set for a successful future and that this is therefore a good point for me to pursue new challenges. I would like to thank all the staff, customers and business partners of Lavendon for their unstinting support over the past years and wish the board and the company the very best for the future".

Vertikal Comment

Appleton will be missed as an individual, although the company does now have a strong senior and middle management structure. To the extent that there are a number of strong internal candidates for the top job.

The timing of his departure is also probably as good as is possible, given that the worst of the recession is now behind us, the business is in a good position with all the potential of a upward cycle for a new chief executive to continue to build the company.

The short transition period will also give the non-executive directors a chance to become more involved in the day to day business for a while, before a new chief executive is appointed, which will stand them in good stead going forward. We understand that Appleton has no specific plans for the future, but will be cutting his formal ties with the business from the end of June, in order not to impede his successor, as the statement says feels that the time was right for a change.

After a tough and rocky start nine years ago he has taken Lavendon to a new level and steered it through some very tough economic times. The company is now well poised and in good shape to benefit from the next economic cycle, which is not a bad state to leave a company in.