Sir Peter will be succeeded by Stuart Chambers, who will join the Board as a non executive director and Chairman Designate on 1 February 2012.
Stuart (55) is a non executive director of Tesco PLC, The Manchester Airport Group PLC and Smiths Group plc. He was until 2009 Group Chief Executive of NSG Group, the Tokyo based global glass company which acquired Pilkington PLC in 2006 (where he was Chief Executive). Prior to the glass industry, Stuart held a number of senior positions at Mars, Inc., having previously spent 10 years in a variety of European roles at Royal Dutch Shell plc.
Sir Peter said: “I have greatly enjoyed my time as Chairman. Rexam is now in a strong position, having announced record profits and cash flow for the year to 31 December 2010, and looking to the future with confidence. I believe that the Company will be best served by having a Chairman in place for the entirety of its next phase of development.”
Graham Chipchase, Chief Executive, commented: “Sir Peter has led the Board with great distinction since he became Chairman in 2008. His enthusiasm and support will be greatly missed. He departs with the Company in a much stronger position to that when he joined. The Board and I look forward to working with Stuart Chambers. His extensive breadth of business experience, including his global expertise, will be of tremendous benefit to our deliberations as we continue to implement our strategy to deliver improving returns.”