One of the longest-serving FTSE 100 chief executives announced plans to retire today, adding to a trend for a high turnover of top executives in 2023.
Miles Roberts is wrapping up a 13-year spell in charge of the packaging giant DS Smith, which has a market value of £4.1 billion. He will leave no later than 30 November 2025 and will stay on while the company finds a successor.
The longest serving FTSE 100 CEO is Simon Wolfson at clothing retailer Next, who has been in the top job since May 2001. Other stalwarts at the top of the UK's most valuable firms include Tim Steiner at Ocado, who has led the online grocer and e-commerce platform since January 2022. George Weston has run Associated British Foods since April 2005, while Rob Perrins has been in charge at Berkeley Homes since September 2009.
But a total of 18 CEOs have handed in their notice at FTSE 100 firms this year, with almost a month still go, a high number by historic standards according to AJ Bell.
"British boardrooms are seeing the second-greatest level of turnover this century," said Russ Mould, investment director at the stockbroker.
He said that 2023's tally of departures is the second-highest since 2000, only exceeded by 2020, when there were 22 departures.
"Investors must assess each case individually to judge they are the result of good succession planning, greater demands for better governance and standards of personal behaviour, pressure from investors after poor share price performance or simply an attempt to polish a legacy and get out while the going is still good," Mould added.
Some of the resignations related to conduct issues, including at BP and NatWest.
Mould pointed out that other departures "look like carefully controlled succession planning after lengthy and successful tenures, notably at DS Smith."
The outgoing Miles Roberts was an engineer in his early career, before becoming an accountant. He previously served as the CEO of McBride, the cleaning products giant, before taking the helm at DS Smith in May 2010.
He said: "I have enjoyed every moment of my career with DS Smith and it has been a pleasure to work with my colleagues and the company's customers, suppliers and other stakeholders."
The company also reported a 15% drop in half-year profit before tax of £268 million today, but Roberts stood by his existing guidance to the City.
