Monday 6 January 2020 7:36 am

Compass chairman Paul Walsh prepares to leave company

The chairman of Compass is set to step down to pursue other interests.

Paul Walsh will remain in his role as chairman and company director until the company finds a successor, and will not seek re-election at the 2021 annual general meeting.

Read more: Paul Walsh is planning to leave Compass – report

‘It has been a privilege to serve for the last six years as chairman of Compass, which is a world-class business and a true British success story on the global stage,” Walsh said.

“We have a strong and well-established chief executive in place and I will work to ensure a seamless transition to my successor as chairman.”

The company confirmed the decision this morning after Sky News first broke the story last night.

Compass has a £30bn market cap and is one of the UK’s largest businesses. The company said Walsh was leaving early to pursue his “other business interests”. He was not meant to step down until 2023.

He has overseen a share price of 14 per cent over the last year and a bumper 78 per cent rise since he took over as chairman back in 2014.

Read more: Compass shares take a hit from business catering unit

Compass has said it expects sales growth of five per cent in 2020.

John Bason, a senior independent director, will lead the search for Walsh’s replacement.