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."
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
-
Inheritance tax pension reforms will delay payments to grieving families and the taxmanThe government is pressing ahead with plans to charge inheritance tax on pensions but there are warnings that it will be harder for executors to administer an estate and pay HMRC
-
More than a million pensioners set to be hit by tax on savings accountsA combination of higher interest rates and frozen tax thresholds is dragging more people into paying tax on their cash savings
