The chief executive of one of Leicestershire’s biggest companies is going to retire.
Pat Ward has told the board of aggregates giant Breedon Group that he will be leaving the business next year.
He is expected to be succeeded by Rob Wood, Breedon’s group finance director.
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In a statement the business said: “Pat has served as group chief executive since the beginning of 2016 and has overseen a period of significant growth for the group.
“He now wishes to rejoin his family in the United States, after ensuring an orderly hand over to his successor.
“The board carries out regular and routine succession planning for senior positions involving both internal and external potential candidates and, following a comprehensive review, the board has concluded that Rob Wood should succeed Pat as group chief executive.
“Rob has served as group finance director of Breedon since early 2014 and has been instrumental in its success.
“A search for a new group finance director is now underway.”
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Breedon, which is based near East Midlands Airport, saw revenues rise eight per cent in the first 10 months of 2019 to around £800 million.
However in the first half of 2020 revenues were down a quarter on the same period last year at £335.3 million.
The lockdown in the economy saw it record a pre-tax loss of £10 million in the six month period, compared to a profit of £30.5 million in the first half of 2019.
However, it said site reopenings started in early May and by June said revenues had recovered to 99 per cent of those in June 2019.
Breedon operates two cement plants as well as quarries, asphalt plants and ready-mixed concrete plants, and also has slate production, concrete and clay products manufacturing, contract surfacing and highway maintenance operations.
Itr employs almost 3,000 people and has almost 900 million tonnes of mineral reserves and resources.
Mr Ward was previously chief executive of Aggregate Industries, which is also based in Leicestershire.
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Breedon chairman Amit Bhatia said: “Breedon has flourished under Pat’s leadership over the last five years, during which time he and Rob have worked closely together on the development and execution of the group’s strategy.
“He will leave the group in excellent hands when the time comes and only after ensuring a seamless transition.”