Carlisle-based agriculture and engineering firm Carr’s Group announced on Monday that Tim Davies has decided to step down as chief executive officer after seven years in the role.

On July 15, shares of Carr’s rose fter it said in a trading update it will pay a single combined dividend in October and that it continued to trade through the COVID-19 pandemic “with no material financial impact seen to date.”

Carr’s said on Monday it has already “instigated a rigorous process to select a suitable successor for the role of CEO and to lead the group in the coming years.”

Carr’s added: “Tim will remain in post until a successor is appointed and for a handover period to ensure a smooth transition. 

“Further information on Tim’s successor and the succession process will be provided in due course.”

Carr’s Group chairman Peter Page said: “On behalf of the board, I would like to thank Tim for his enormous contribution over the last seven years.

“He has led the group with passion and integrity, developing its international focus and a strong organisational culture. 

“I look forward to continuing to work closely with Tim during the succession phase.” 

Davies said: “It has been a privilege to serve as CEO of Carr’s over the last seven years and I am proud of the achievements of my colleagues and the group during that time.

“I firmly believe that now is the right time for a new CEO to lead the group, building upon its strong position, and to develop its strategy into the future.”