HGATE chief executive Steve Smith will step down after 23 years at the van hire company.
Smith had agreed to stay on as chief beyond his original retirement date of 1 August last year because of the trading conditions last summer and the group’s debt refinancing, a placing and rights issue.
Paul Tallentire, deputy chief executive, will continue to manage day to day operations.
Northgate, which rents out light commercial vehicles in Britain, Ireland and Spain, said in March that business had improved in the UK and Spain.
It added, as Smith announced his exit, that the outcome for the full year remains in line with management's expectations.