Shares of Carlisle-based agriculture and engineering firm Carr’s Group rose as much as 5% after it announced major changes to its leadership.

“As previously communicated, Peter Page, chief executive officer, will step down from the board,” said Carr’s.

“He will leave the company on 17 November 2023 having completed an orderly handover to David White, chief financial officer, who will be appointed group chief executive officer.

“David, who joined the company in January 2023, is ideally placed to lead the delivery of the next phase of the group’s strategic plan, given his previous experience in international senior leadership, operations and finance roles at Aggreko plc.

“Gavin Manson has been appointed chief financial officer with effect from 13 November 2023.

“Gavin has previously held a number of executive and non-executive roles across both public and private companies, including chief financial and operating officer of Electra Private Equity PLC and group finance director of Premier Farnell plc.

“Gavin will not initially be appointed to the board but will attend board meetings by invitation. 

“Martin Rowland, who was appointed to the board as non-executive director in March 2023 pursuant to the Relationship Agreement the company entered with Harwood Capital Management Limited, will be appointed executive director of transformation with effect from 13 November 2023.

“In addition to his board experience, Martin has spent many years in a variety of investment roles as well as holding operational and strategic positions in mid-size and large corporates.

“The changing nature of Martin’s role will not affect the Relationship Agreement, which will remain in place.  

“Confident that the executive leadership will focus on continuing to implement the group’s strategic plan, the board also intends to supplement this leadership team with additional appointments in coming months …

“The group intends to announce its results for the year ended 2 September 2023, including an update on the execution of the group’s strategy, in December.”

Carr’s Group chair Tim Jones said: “I look forward to working with David, Gavin and Martin to optimise the group’s existing businesses, implement our strategy and deliver shareholder value. 

“I would like to thank Peter for his commitment to the company over his tenure and wish him all the best in his future endeavours.”