Founder of global manufacturing giant steps down as chair of business

The man who founded global engineering firm Renishaw has announced he is stepping away from the business.

Sir David McMurtry founded the advanced manufacturing firm more than 50 years ago and thanks to its success he has become one of the wealthiest men in the South West with an estimated personal fortune of £1bn.

The Gloucestershire firm employs thousands of people and is a world leader in designing and manufacturing analytical instruments and medical devices.

Sir David McMurtry has told the board of his wish to step down as the company’s executive chairman.

The 84-year-old founded the company with John Deer over 50 years ago and has been instrumental in driving the success of the business both as chief executive and as executive chair.

Renishaw was launched  In 1973 and was floated on the Stock Market ten years later.

Several years ago he tried to sell the business but withdrew from the process when a search for a potential buyer proved to be unsuccessful.

Sir David will remain on the board as a Non-Executive Director continuing to provide specific expertise on product innovation.

Sir David Grant, the senior independent director, will assume the role of Interim Non-Executive Chairman whilst the board launched the process to appoint a permanent successor.

The company also announced that Sir David McMurtry’s son, Richard McMurtry, will be appointed as an additional Non-Executive Director.

Richard is a highly experienced director of various businesses and an investor who supports start-up companies committed to developing the future of innovation in the UK.

He trained as an engineer with significant involvement in product development and robotic systems.

Sir David McMurtry will also step down from the Nomination Committee, with Sir David Grant taking on the role of chair of this committee.

In light of his new responsibilities, Sir David Grant will step down from the Audit and Remuneration Committees.

In addition to the above changes, the company is currently undertaking a search for an additional Independent Non-Executive Director to join the board.