London, U.K.-based international distribution and outsourcing group Bunzl plc announced Thursday that Michael Roney had decided to retire as chief executive of the company after more than 10 years in the role. Roney will step down from his position and the Board following the company's annual general meeting on April 20, when he will be succeeded by Frank van Zanten, current Bunzl managing director of continental Europe.
Bunzl says van Zanten will join the Board on Feb. 1, and assume the chief executive role upon Roney's retirement.
Roney, 61, was made a Board member in 2003 and became chief executive in 2005. Frank van Zanten, 48, joined the company in 1994 when his business was acquired by Bunzl in the Netherlands. He went on to become CEO of Netherlands-based PontMeyer NV in 2002 before re-joining Bunzl as Managing Director of the Continental Europe business area in 2005.
Bunzl says that under van Zanten, the company went from revenue of $489 million in 2004 rising to$1.52 billion in 2014, a compound annual growth rate of 12 percent, and adjusted operating profit increasing from $32.6 million to $139 million over the same period, a compound annual growth rate of 16 percent.
“I have thoroughly enjoyed being part of this great company and I will be sorry to leave Bunzl after 13 years on the Board but feel that the time is now right to move on," Roney said. "I am very pleased that Frank has been chosen to take over from me as Chief Executive. His excellent leadership has been instrumental in the successful growth and development of the Continental Europe business area over the last 10 years and he has both the right skills and relevant experience to lead Bunzl through the next stage of its development."
“I am delighted to be taking on my new role to lead Bunzl," van Zanten said. "The group has a well-established and successful business model which underpins the group’s consistent and proven strategy to grow and develop. I look forward to continuing the ongoing implementation of this strategy with a view to delivering further profitable growth and long term shareholder value.”