Tom Gorman, CEO of ASX-listed logistics company Brambles, will step down February 28, 2017.
Brambles has appointed Graham Chipchase as his successor.
Until June this year, Mr Chipchase was CEO of Rexam, a global consumer packaging company. Prior to that, he joined Rexam in 2003 as finance director where he managed the company until his CEO appointment 2010.
Mr Chipchase will begin with Brambles as CEO-designate on January 1, 2017, taking over as CEO on March 1, 2017. Mr Gorman will remain on-hand to assist until June 30, 2017.
Mr Chipchase has been appointed on a base salary of GBP 1.1m with a pension of 15% of base salary.
Brambles also released its results to the ASX for the financial year to end June 30, 2016.
Sales revenues (Financial Year 2016 basis compared to Financial Year 2015) stood at US$5.54m, up 2%.
Operating profit stood at US$915.1m and profit after tax stood at $557.4m.
Brambles added that for FY2017 it is forecasting underlying profits in excess of $1bn.
CEO Tom Gorman said: “we have delivered accelerated revenue growth and strong operating leverage, despite macroeconomic uncertainty, industry headwinds and cost pressures in certain markets.”
This article was originally published in ABHR affiliate Lloyd’s List Australia.