Carr’s names new CEO in executive shake-up

CARR’S Milling Industries, the Carlisle-based agriculture, food and engineering group, has announced a top-level executive shake-up.

Current chairman Lord Richard Inglewood will retire on February 28 next year after seven years in the role, prompting long-serving chief executive Chris Holmes to become executive chairman.

Mr Holmes will be replaced as CEO by Tim Davies, who will join the business on March1 2013.

Mr Davies, 50, is currently group managing director of Openfield Group Ltd and has held this position since its creation in 2008. Openfield is the largest farmer-owned grain marketing business in the UK with a turnover of £700m and employing 250 people.

Carr’s said in a statement that while it recognises Mr Holmes’ appointment  as chairman “does not accord” with corporate governance recommendations, it is in the best interests of the company and its shareholders.

Chairman, Lord Inglewood, said “The board believes Chris is uniquely placed to be Chairman as a result of his long association with, and knowledge of, the company.

“Chris has made an exceptional contribution to Carr’s since he joined the company, and in particular as chief executive throughout varied and demanding conditions. He has been intrinsic in the development and success of Carr’s and the board believes that this expertise should be retained to assist the further development of Carr’s under its new chief executive.”