Shares of Carlisle-based agriculture and engineering firm Carr’s Group rose 7% on Thursday after it announced that former Wood Group executive Hugh Pelham will succeed Tim Davies as chief executive officer.

Pelham will join Carr’s as CEO designate on January 4, 2021, and will formally succeed Davies at the group’s next AGM, currently expected to take place on January 12, 2021.

Pelham is currently global president at Minova, part of Australian-based multinational Orica, a manufacturer and supplier of chemical and mechanical earth control products, adhesives and support equipment.   

Prior to this, Pelham spent four years as managing director of Wood Group Industrial Services Limited and also served as President (EMEA) of Wood Group Industrial Services.

Pelham holds a BA in Engineering, Economics and Management from Oxford University and an MBA from Cranfield School of Management.

Pelham said: “I am very excited and honoured to be joining Carr’s Group.

“The company is steeped in technology and innovation across both agriculture and engineering which, together with its market-leading brands, provides a strong platform for driving growth and increasing profitability.”

Carr’s chairman Peter Page said: “I am very pleased to welcome Hugh to Carr’s.

“He is a first-rate business executive with a track record of consistently delivering top and bottom-line grow that both privately-owned and publicly listed businesses.

“From scaling founder-owned enterprises to leading swift and decisive turnarounds, Hugh’s considerable experience will be of real value when leading a business as diverse as Carr’s.”