LONDON (ShareCast) - (Sharecast News) - Equipment hire group Ashtead has promoted the boss of its US business to the chief executive role as Geoff Drabble steps down after 12 years in charge.
Brendan Horgan has been chief executive of Sunbelt Rentals since the start of 2011 and, alongside continuing this role, was a year ago also promoted to be group chief operating officer as part of the FTSE 100 group's long-term succession process.

Horgan will start at CEO on 1 May next year, when Drabble, who was made CEO in January 2007, will step down from the role before retiring fully from the group at the end of next November.

"Geoff will work closely with Brendan and the board over the next few months to ensure a smooth transition and be available thereafter to support the business until he leaves the group," the company said in its statement on Thursday.

Sunbelt has, since it was acquired in 1990 accounted for the bulk of group revenues, and in the last financial year this level stood at 87%.

Chairman Paul Walker hailed Drabble's role, saying he "transformed Ashtead into one of the biggest and most successful rental companies in the world and importantly has delivered significant returns for our shareholders".

He highlighted Horgan's "key role in developing and executing Sunbelt's roll out strategy across North America which has delivered many years of exceptional results".

For his part, Horgan, a US citizen based in North Carolina, said he aimed to "capture the enormous opportunities we see ahead".

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