Hard landscaping products manufacturer Marshalls Plc said on Thursday that Matt Pullen will be stepping down from his role as chief executive officer, with immediate effect.
Marshalls said Simon Bourne, the group's chief commercial officer, has been appointed interim CEO, while a search process to appoint a permanent CEO, which will consider both internal and external candidates, has been initiated.
The FTSE 250-listed firm also stated that its full year 2025 expectations remained unchanged, with Marshalls "well positioned to benefit from a market recovery and the structural growth drivers" over the medium-term.
Marshalls added that it has "further strengthened its funding position" through a new four-year £270m syndicated bank facility, which refinanced its existing facility that was due to mature in April 2027.
Chair Vanda Murray said: "On behalf of the board I would like to thank Matt for his contribution during his time as CEO during which we successfully launched our 'Transform & Grow' strategy. Now is the right time to refocus the business and accelerate the execution of our strategy to ensure we take full advantage of our growth opportunities.
"The board looks forward with confidence to working with Simon in his new role as interim CEO to drive the business forward at pace."
Reporting by Iain Gilbert at Sharecast.com