Sir Michael Marshall, chief executive of family-owned Marshall Group of Companies, will step down and make way for his son Robert, in a move by the family to divide responsibilities with the next generation.
In a statement on 12 July, the Cambridge, UK-based motor retail, aerospace and vehicle engineering company said that 79-year-old Michael will remain chairman of the group, while his son will become chief executive. The change will be effective from January next year.
The transfer of control comes as the family looks to share everyday management of the company with the next generation on the wake of rapid growth over the year – sales increased strongly in 2010.
A spokeswoman for the company told CampdenFB: “The move comes at the right time, as the Marshall’s want to continue family control and believe that Robert is ready to step up into the top position.”
Fourth-generation Robert is currently chief operating officer at the company. The 48-year-old joined the family business in 1994 and has been working alongside his father since.
In the statement, Michael said the time was ripe to divide company tasks. “I am delighted that Robert will be taking on this responsibility for the group and that he will be working with me, continuing our family’s close involvement with the day-to-day running of our businesses, through the chief executives, over four generations.”
The Marshall Group of Companies was founded in 1909 by David Marshall as a small chauffer driving business. He was succeeded by his son Arthur in 1942, and upon his retirement Michael took to the helm of the family business in 1990.
The company had revenues of £884 million (€1 billion) in 2010, up by 15% compared to 2009, while its gross profits were £178 million.