Richard Solomons confirmed as new Rentokil Initial chair
Rentokil Initial announced on Thursday that Richard Solomons would succeed John McAdam as its company chairman.
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The FTSE 100 pest control and business services group said Solomons would join the board as a non-executive director with effect from 1 March and, subject to shareholder approval, would become chairman at the conclusion of the company's annual general meeting on 8 May, when McAdam would retire from the firm.
It said McAdam had been chairman of the company for more than 10 years, over which time its share price had risen more than 350% and over £4.5bn of shareholder value had been created.
Rentokil confirmed Richard Solomons would also become a member of the nomination committee from his initial date of appointment.
“I am delighted that Richard Solomons has been chosen to succeed John McAdam as chairman,” said Rentokil Initial’s senior independent director Richard Burrows, who led the search for a new chairman.
“We ran a rigorous process to determine the best possible candidate to lead the board through the exciting next phase of Rentokil Initial's growth.
“My fellow board members and I are confident that Richard's personal qualities and deep, relevant experience running major global service-led organisations will be a very strong fit for the challenges and opportunities ahead, working with Andy and the executive team.”
MORE: Rentokil Initial beats financial targets after record number of acquisitions
Rentokil Initial said Solomons was currently a senior independent director and chair of the audit committee of Aston Martin Lagonda Global Holdings.
Until June 2017, he was chief executive of InterContinental Hotels Group, and prior to that was chief financial officer from IHG's inception as a standalone public company from 2003 to 2011.
During his time at IHG, Solomons also held various finance roles as well as chief operating officer and interim president of IHG's Americas region.
He first joined Bass, later Six Continents - the company from which IHG emerged - in June 1992, and held a number of finance roles in that organisation, including finance director of Britvic Soft Drinks.
Prior to joining IHG, Solomons worked in investment banking for seven years with Hill Samuel Bank, based in New York and London.
Until July last year he was a non-executive director of Marks & Spencer Group.
He also sat on the board of governors of the University of Manchester, where he studied economics, before qualifying as a chartered accountant with KPMG in 1985.
“I would like to welcome Richard Solomons to the Board and also to take this opportunity to thank John McAdam for his exemplary leadership of the board since we joined Rentokil Initial together in 2008,” said chief executive Andy Ransom.
“Over the past 10 years, we have made enormous progress in transforming the business from its difficult position in 2008, and positioning it for further success.
“We can look forward to the future with great optimism, building on the foundations that he helped us lay down.”
Rentokil Initial also announced that Richard Burrows, senior independent director and chair of the remuneration committee, had informed the firm that he did not intend to stand for re-election at the annual general meeting, and would therefore retire as a director from the end of that meeting.
By then, Burrows would have served on the board for a period of 11 years.
The company confirmed that John Pettigrew, a non-executive Director since January last year, would succeed Burrows as senior independent director.
Angela Seymour-Jackson would become chair of the remuneration committee, having served on the committee since her appointment in March 2012.
“I am very pleased that Richard Solomons has been chosen to succeed me as chairman, and wish him every success,” said outgoing chairman John McAdam.
“It has been a great pleasure and privilege to serve on the board of Rentokil Initial and see the progress in the business that the executive team led by Andy since 2013, and before that by Alan Brown, have delivered for shareholders.”