HSS Hire, a tool and equipment firm, replaces chief executive a month after issuing a profit warning, and reporting deepening half-year losses.
After nine years in charge, Chris Davies steps down. His replacement, chief operating officer, John Gill, will step in immediately.
Alan Peterson, HSS Hire Chairman, said: “John’s record and strong leadership skills ensured that he has been a central part of the board’s thinking on succession planning for some time.”
Davies will stay with HSS Hire until the end of the year for a handover period. He will leave with his 38 weeks prior salary, but will not receive his annual bonus.