RETIREMENT OF CHIEF EXECUTIVE BO LERENIUS
Associated British Ports Holdings PLC (“ABPH”) today announces that Bo Lerenius, Chief Executive of the Group, will be retiring on 31 March 2007, having overseen the transition to ownership by Admiral. It is expected that Bo will become a non-executive director of ABPH following his retirement. The process to identify a new Chief Executive is now under way.
Bo, who will be 60 this December, became the Chief Executive of ABPH in May 1999. As Group Chief Executive, he has been responsible for refocusing the Group’s core ports and transport business, undertaking an extensive programme of non-core asset sales and significantly progressing the Group’s growth strategy. Since 2000, the Group has secured almost 90 significant new customer agreements and achieved 36 per cent growth in underlying profit in its UK ports business, strengthening its position as the UK’s leading ports operator handling almost a quarter of all seaborne trade. Under Bo’s stewardship the market capitalisation of the Group more than tripled culminating in the sale of the business to Admiral.
Prior to joining ABPH, Bo was Vice-Chairman of Stena Line and Director of New Business Investments of Stena AB, one of the largest companies in Sweden. He is a non-executive director of Land Securities Group Plc and Group 4 Securicor Plc and Deputy Chairman of the Swedish Chamber of Commerce for the UK. He was awarded an honorary CBE for services to the British ports industry in 2005.Chris Clark, Chairman of ABPH, said:
“Bo has made a huge contribution to the success of ABPH and is leaving the company in a very strong position. He has been an outstanding Chief Executive. Looking to the future we remain very excited about the prospects for ABPH. Our aim continues to be to maximise the Group’s operational and financial efficiency and provide an excellent service to ABPH’s customers.”
Bo Lerenius, Group Chief Executive of ABPH, said:
“I have thoroughly enjoyed my seven years at ABPH. Now the transition to Admiral’s ownership is complete I feel it is time for me to retire, but I can leave feeling confident that a first-rate management team is in place to focus on delivering future growth.”
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