ICI, the speciality chemicals group, last night announced a surprise boardroom shake-up which will see Lord Trotman replaced as chairman by Peter Ellwood, the former chief executive of Lloyds TSB.
The company, which changed chief executives only two months ago, said Mr Ellwood had joined the board as a non-executive director with immediate effect and would succeed Lord Trotman after a "suitable period of transition".
Lord Trotman, the former chairman of the Ford Motor Company, has been chairman of ICI for only 18 months but during that period has overseen an £800m rights issue, two profits warnings and the ousting of its chief executive, Brendan O'Neill. Mr O'Neill was replaced in April by the former head of ICI's paints division, John McAdam.
Although ICI does not have a formal retirement date for chairmen, Lord Trotman will be 70 next month. The company was unable to say how long the transition period would last, suggesting that Lord Trotman could still be in the chairman's job at ICI's annual shareholders' meeting in May next year.
Mr Ellwood said of his appointment: "Between now and becoming chairman, I will concentrate on listening to as many people in the business, and seeing as much of the business, as possible."
Mr Ellwood, 60, retired from Lloyds TSB earlier this year after a 42-year career in banking. He joined Barclays in 1962 and became chief executive of retail banking at TSB in 1989. He currently has no other non-executive roles with quoted companies, but he is chairman of the UK Royal Parks Advisory Board and chairman of the Work Foundation (formerly the Industrial Society). He is also a non-executive director of the Royal Philharmonic Orchestra and an executive committee member of the Royal College of Music.Reuse content