Marshalls headhunts for a new chairman

Marshalls, the specialist landscape and clay products group, has appointed headhunters to find a replacement for Christopher Burnett, the current chairman.

Burnett will step down at the group's annual meeting on 10 June.

He took up the post of chairman in 1997. "In the last six years, Marshalls has been transformed into a well invested, market-led business, and is now a leader in most of its chosen fields," said Richard Scholes, director, in a Stock Exchange statement issued this morning.

"Over this period the company has achieved compound annual growth rates of 14% in operating profit and in March 2004 announced another year of record results. Christopher has also developed and recruited an excellent management team."

Marshalls pre-tax profit last year was £50m from a turnover of £350m.

The name of the listed holding company, Marshalls Group plc, is to be re-named Marshalls plc. Shareholders will find themselves involved in a share swap. They are also to pick up a total of £75m as Marshalls gives existing shareholders a cash hand-out worth 45p per existing share.