Darryl Eales is to step down from his role as chief executive officer of private equity investor LDC on 1 May after 11 years in the position.
Chris Hurley, deputy CEO, and Martin Draper, chief investment officer, will lead the business as co-heads and chief executives of LDC.
As part of an existing succession plan, Eales (pictured) will step down from the LDC board but will continue his involvement with the business in a part-time advisory chairman role and support the final phase of the transition plan to new leadership. He will also retain a number of board roles at portfolio companies, support the LDC in the Community project and focus upon assisting LDC's Asia operation.
Eales became CEO in 2003. During this period, it has invested over GBP2.6bn in 166 UK companies, mainly small and medium size enterprises, and delivered capital gains in excess of GBP1.2bn, the most successful period since the firm was founded over 30 years ago.
Eales says: "It has been an absolute privilege to lead LDC and, especially, to work with so many outstanding people across the UK regions, many of whom have become close and trusted friends.
“Looking ahead, I am delighted that Martin Draper and Chris Hurley have been appointed to lead the business. They are highly talented investors, grounded in regional, mid-market private equity and, above all, are great friends of many years standing.”
Draper says: "Darryl was responsible for creating the current LDC model and has presided over its most successful period of investment to date. During his tenure, he has demonstrated not only first class investment ability, but inspirational leadership based on a belief in backing ambition and supporting the communities where we operate.
"Chris and I intend to build upon this winning culture and continue LDC's philosophy of backing management teams to fulfil their potential."
