PLATFORM hire company Lavendon has begun the hunt for a new chief executive following Kevin Appleton’s departure after nine years at the firm.
Lavendon recently completed a business review following takeover offers, which the firm said brought up questions of succession.
The firm’s shares were sent tumbling in January after Ashtead and TVH Services walked away from a takeover pursuit, after Lavendon rejected their advances.
Appleton will leave by mutual agreement at the end of the month, and is thought to be looking for another role in the industry.
Chairman John Standen and other directors will fill in while headhunters find a replacement chief.
Some analysts were surprised by the timing of his departure. “While trading remains in line there is presumably much to do in delivering the improvements identified for the growth plans outlined to take Lavendon forwards,” said Panmure Gordon in a note.