Pottery maker Portmeirion Group has announced the departure of its chief executive after nearly 25 years in the role.
Shares in the company dipped 1.5% in early trading on Monday after the news that Lawrence Bryan has decided to retire from his executive duties.
The long-serving boss will stay on the board in a non-executive capacity, while group finance director Mike Raybould will take over as CEO.
Chairman Dick Steele said: “I struggle to find words that are adequate to describe the huge contribution that Lawrence has made to the group. Without his leadership, commercial expertise, commitment and perspicacity, the group would not be the force that it is in homewares today.
“I am delighted that he has agreed to continue to serve on the board in a non-executive capacity. The group and executive team will continue to benefit from Lawrence’s unparalleled sector knowledge, built up over more than 40 years.”
The changes are effective immediately, with UK finance director David Sproston succeeding Mr Raybould as finance boss.
Mr Bryan said: “I leave in place a very strong team of senior management in whom I have supreme confidence. I am honoured to have been of service to the company in the past and delighted to be invited to continue to serve on the board of directors as a non-executive. The group is now a well-diversified company with a bright future and I look forward to seeing it grow under the extremely capable and energetic guidance of Mike Raybould.”
His departure comes during an eventful year for the company.
In May, it warned that profits would be lower after a mixed performance across international markets.
It has since completed the acquisition of US homeware business Nambe and appointed its president Bill Robedee as head of an enlarged American division.