The executive chair of FTSE 250 engineering company Renishaw is to step down more than 50 years after he founded the company, and has appointed his son to the board.
The company said on Thursday that Sir David McMurty, who set up the £3bn company in 1973, had been “instrumental in driving the success of the business both as chief executive and as executive chair”.
He will remain on the board as a non-executive director, where he will be joined by his son, Richard McMurty.
Sir David Grant, the senior independent director, will become non-executive chair while the company looks for a permanent successor.