Yahoo News Gloucestershire billionaire Sir David McMurtry to step down as executive chair of Renishaw
Gloucestershire billionaire Sir David McMurtry, co-founder of engineering giant Renishaw, is to step down as the company's executive chairman.
The 84-year-old established the business in 1973 with friend John Deer. The firm's first product - a touch-trigger probe - was invented by Sir David to solve a specific inspection requirement for the Olympus engines used in Concorde.
After securing their first commercial order, the duo set up production from Mr Deer’s home in Chepstow. In 1976, the company acquired a former ice cream factory in Wotton-under-Edge as its first commercial premises.
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Today, the London-listed firm is one of the world's leading engineering and scientific technology companies with more than 70 offices in 36 countries. Renishaw has more than 5,000 employees globally, including 3,000 in the UK.
Sir David, who who was named among the richest people in the West Country in 2024, will remain on the board as a non-executive director.
Former University of Cardiff vice-chancellor Sir David Grant, a senior independent director who already sits on the board, will become interim executive chair. He will also take the helm of Renishaw's nomination committee, but will step down from the audit and remuneration committees.
Meanwhile, Richard McMurtry - Sir David McMurtry's son - has been appointed as a non-executive director. The company is also currently looking for an another independent non-executive director to join the board, it said.
The changes are expected to be effective from July 1, subject to necessary approvals.
According to Forbes, Irish-born Sir David has invented or co-invented more than 150 of the company's products. He was knighted in 2001 and stepped down as the firm's chief executive in 2018.
In January, Renishaw reported a fall in pre-tax profit for the six months ending December 31 - down 23% to £56.5m compared with £77.8m the previous year.
