Ashtead chief executive Geoff Drabble has decided to retire next year, and will hand over the reins to Brendan Horgan on May the first.
Drabble will remain on the board until formally retiring from the group at the end of November, thus providing a 12 month hand over period.
Horgan was appointed as Ashtead group chief operating officer at the start of the year as part of the succession planning process, he is also chief executive of Sunbelt Rentals the company’s North American business a role he has held since January 2011. He joined Sunbelt in 1996 and has held a number of senior management positions at Sunbelt, including chief sales officer, becoming chief operating officer in 2004. He will work closely with Drabble over the next few months to ensure a smooth transition.
Ashtead chairman Paul Walker said: “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 also like to congratulate Brendan on his well deserved promotion, he 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 added: “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.”
Horgan 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.”