Donald Brydon, the Chairman of advanced technology giant Smiths Group has announced his intention to retire from the board next year.
The revelation came at the company's annual general meeting on Tuesday, in which the firm reported that its underlying revenue has grown across all divisions in the three months ended November 3rd, with full-year expectations remaining in line with previous guidance.
Brydon, who has been in his position as Chairman since 2004, said in a statement: "I have today informed the board of my intention to retire in 2013 and have asked that the board, led by the Senior Independent Director, undertakes a process to determine the selection and appointment of my successor."
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
He said: "I will, of course, remain fully engaged until that process is completed."
The shares held on to gains after the announcement, trading 0.87% higher at 1,048p before the close.
BC
-
8 of the best houses for sale with annexesThe best houses with annexes – from a period property in the Lake District to a 13th-century house with a two-bedroom annexe in Saltwood, Kent
-
Zelenskyy moves to appease Donald Trump – what happens now?Ukraine’s president Volodymyr Zelenskyy is conceding ground to secure the least-worst deal possible, says Emily Hohler
