The chairman of Rexam, the world's leading beverage can maker, is to retire in May.
Rolf Börjesson, who will then be 65, has been with the company for 12 years, eight as chief executive and four as chairman.
He will be succeeded by Peter Ellwood, who will join the Board as a non-executive director on Friday.
Mr Ellwood, 64, was chairman of ICI and previously chief executive of Lloyds TSB Group PLC.
Mr Börjesson says: “Although these last three years have been challenging in the face of dramatic increases in input costs and a weak dollar, we have worked hard to compensate for these and to prepare the company for the future through acquisitions in higher growth, higher margin businesses and further investment in organic growth opportunities.”
