(Sharecast News) - Renishaw announced significant changes to its board on Thursday, with Sir David McMurtry, who co-founded the company over 50 years ago, set to step down as executive chairman.
The FTSE 250 firm said he had been a pivotal figure in its success, serving both as chief executive officer and executive chair.
Although he would leave his current role, Renishaw said Sir David would remain on the board as a non-executive director, contributing his expertise in product innovation.
Sir David Grant, currently the senior independent director, would take on the role of interim non-executive chairman while the board looked for a permanent successor.
In addition to the change, Richard McMurtry, Sir David McMurtry's son, would join the board as a non-executive director.
Renishaw said McMurtry would bring extensive experience as a director of various businesses and as an investor in UK start-ups focused on innovation.
His background as an engineer with expertise in product development and robotic systems was expected to be valuable to Renishaw.
Sir David McMurtry would also step down from the nomination committee, with Sir David Grant assuming the chairmanship of that.
Consequently, Sir David Grant would resign from his positions on the audit and remuneration committees to accommodate his new responsibilities.
Renishaw said it was also actively searching for an additional independent non-executive director to join the board.
The changes were anticipated to take effect from 1 July, pending necessary approvals.
Reporting by Josh White for Sharecast.com.
Renishaw (RSW)