Tory Peer Michael Heseltine is stepping down as executive chairman of Haymarket Media Group after more than 50 years in charge of the B2B and consumer magazine publishing group.
The 76 year-old former deputy prime minister emailed staff yesterday to tell them he intended to hand over day-to-day control of the company he co-founded in 1957 to his son Rupert on 1 January.
Rupert joined the company in 1994 and in 2005 was made deputy chairman. While Heseltine junior will take over day-to-day running of the group, Lord Heseltine will continue as chairman of Haymarket Group, the holding company for HMG, which also owns a range of events, exhibitions and web properties.
Alan Kemp is stepping down as business development director but will continue as a non-executive director.
Haymarket announced that William Pecover is to be managing director of North and South America and Kevin Costello will become group managing director for all UK businesses, as well as India, Australia, Germany and Hong Kong.
Rupert Heseltine said: “I am thrilled to accept the role of executive chairman. I look forward to working closely with William and Kevin in developing the business and thank Michael for his trust and confidence in me.
“Michael has led us through recent difficult times and it will be an honour to assume this role for Haymarket Media Group.”